The Impact of Freeport's New CEO on Business in Indonesia

Freeport-McMoran Inc. (FCX) has announced the appointment of Kathleen Quirk as the new CEO, succeeding Richard Adkerson.

Tim Redaksi

10 Feb 2024 - 15.48
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The Impact of Freeport's New CEO on Business in Indonesia

Freeport Mine/Illustration

Bisnis, JAKARTA – Freeport-McMoran Inc. (FCX) has announced the appointment of Kathleen Quirk as the new CEO, succeeding Richard Adkerson, who held the position for over two decades. According to Bloomberg's report on Thursday (8/2/2024), Quirk has been selected to lead the multinational copper mining company into its next chapter.

The transition in CEO leadership is scheduled to take effect on June 11, 2024. Despite stepping down from the CEO position, Adkerson will retain his role as Chairman of the Board of Directors at Freeport-McMoran. Adkerson, who is currently 77 years old, has steered Freeport through numerous global mining cycles.

During his tenure, he successfully navigated challenges such as declining commodity prices, fluctuations in oil and gas prices, and prolonged negotiations surrounding long-term mining rights for the significant Grasberg mine in Indonesia. Additionally, he managed the complex transition to underground mining operations.

“Richard Adkerson's legacy is significant – he was one of the principal architects of the Freeport-Phelps Dodge merger in 2007, which was the most successful large-scale mining deal in the last quarter century,” Citi analyst Alexander Hacking said in a note.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.