Freeport CEO Waives Contract in Return for Stock Award

Freeport-McMoRan Copper & Gold Inc. (FCX) Chief Executive Officer Richard Adkerson agreed to cancel his employment agreement with the largest publicly traded copper producer in exchange for restricted stock worth about $36 million.

Adkerson’s move means he gives up his salary, bonus, and rights to severance and change-of-control payments, the Phoenix-based company said in a statement today. He will continue as CEO, president and vice chairman.

Adkerson was granted a retention award of registered stock units representing 1 million shares of Freeport common stock, the company said. Freeport rose 0.4 percent to $35.83 at 11:08 a.m. in New York. The shares have climbed 8.4 percent this year.

Adkerson, 66, began working at Freeport in 1989 and became CEO in 2008, according to data compiled by Bloomberg. His compensation was $14 million in 2012 and he holds Freeport shares worth about $69.4 million, the data show.

On July 18, Freeport shareholders voted against approving executives’ compensation, the company said in a filing.

To contact the reporter on this story: Sonja Elmquist in New York at selmquist1@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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