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

AP News
Posted: Oct 07, 2015 11:55 AM

NEW YORK (AP) — Shares of Freeport-McMoRan rose sharply Wednesday after the copper miner added two board members chosen by Carl Icahn.

The activist investor and firms that he controls own an 8.8 percent stake in Freeport-McMoRan. The board members, Andrew Langham and Courtney Mather, work at Icahn Capital LP.

"I hope and believe that we will work with Freeport's board to enhance value as we have done with so many others," Icahn said in a statement.

The additions come a day after Freeport-McMoRan slashed its board members to nine from 16, and said that it may split off its oil and gas operations.

The board, with Icahn's two picks, will have 11 directors.

Shares of Freeport-McMoRan Inc. rose $1.11, or 9.4 percent, to $12.94 in morning trading.