Freeport McMoRan (NYSE:FCX) announced that its chariman and co-founder, James Moffett, will step down from the company’s board of directors. He has been appointed chairman emeritus and will become a consultant to the company’s board.
As quoted in the press release:

The Board has elected Gerald J. Ford as Non-Executive Chairman. Mr. Ford has served as FCX’s Lead Independent Director since 2013.
Richard C. Adkerson, Vice Chairman, continues as President and Chief Executive Officer.

Gerald Ford stated:

During his over 50-year career in the natural resource industry, Jim Bob has become an icon as an explorationist. Freeport-McMoRan has been built from his exceptional leadership, strong work ethic and vast knowledge of both the industry and our company’s operations.”

Click here for the full press release.