Freeport-McMoRan Chairman James R. Moffett steps down
Freeport-McMoRan co-founder James Moffett will step down as chairman and quit its board, months after the miner added two new directors under pressure from billionaire investor Carl Icahn. Freeport said Moffett, who had been appointed chairman emeritus, would be a consultant to its board and advise the company on its Indonesia operations, including Grasberg. Moffett was instrumental in the discovery and development of Grasberg, one of the world's biggest gold and copper deposits. The company's shares fell 7.9 percent to $6.97 in morning trading.

Moffett stepping down probably has more to do with a health problem rather than pressure from Icahn, Bradford Research analyst Charles Bradford told Reuters. Icahn, who owned 8.8 percent stake in Freeport as of Sept. 22, has criticized the miner's spending, capital structure and executive compensation at a time when the company is struggling with weak commodity prices. Icahn and Freeport reached an agreement in October, putting "restrictions" on the activist investor seeking the removal of any board members. The company said then that it would shrink the size of its board from 16 to nine members, and separate its oil and gas business from its mining operations.