Business

Freeport-McMoRan adds 2 board members from Carl Icahn's firm

Posted October 07, 2015 7:00 am

The Associated Press

NEW YORK (AP) - Shares of Freeport-McMoRan are rising sharply after the copper mining company agreed to add two new members to its board from activist investor Carl Icahn.

Icahn and his investment companies own an 8.8 percent stake in Freeport-McMoRan. The two new board members, Andrew Langham and Courtney Mather, work at Icahn Capital LP.

The additions come a day after Freeport-McMoRan slashed its board members to nine from 16. With the new members, the board is now made up of 11 people.

Freeport-McMoRan is also currently deciding what to do with its oil and gas business. The Phoenix company said Tuesday that it was considering spinning it off and other strategic alternatives to focus on its copper mining business.

Freeport-McMoRan Inc. shares rose $1.44, or 12.2 percent, to $13.27 in morning trading.

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