Freeport-McMoRan Non-executive Chairman Gerald Ford To Retire

(RTTNews) - Freeport-McMoRan Inc. (FCX) said that Gerald Ford, non-executive Chairman of the Board of Directors, will retire as a director effective upon the expiration of his current term, which ends in June 2021. Ford has stepped down as non-executive Chairman.

The company has appointed Richard Adkerson as Chairman of the Board. Adkerson will also continue to lead the company as Chief Executive Officer.

The company has appointed Dustan McCoy as Lead Independent Director and Lydia H. Kennard as Chair of the Governance Committee.

Fran Townsend will continue to Chair the Corporate Responsibility Committee, John Stephens will continue to Chair the Audit Committee and Dusty McCoy will continue to Chair the Compensation Committee.

In addition, the company has appointed Kathleen Quirk as FCX's President. Quirk will continue as Chief Financial Officer.

In a separate press release, Freeport-McMoRan said that it has reinstated a cash dividend on its common stock at an annual rate of $0.30 per share. FCX's previous cash dividend on its common stock was $0.20 per share prior to suspending these payments in April 2020 in connection with its response to the global pandemic.

The company board intends to declare a quarterly dividend of $0.075 per share, with the initial quarterly dividend expected to be paid on May 1, 2021.

In addition, the Board has adopted a new financial policy for the allocation of cash flows. Under the new policy, up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects.