Freeport CEO Adkerson waives contract in return for stock award

|By:, SA News Editor

Freeport McMoRan (FCX) is restructuring its employment agreement with CEO Richard Adkerson, tying his compensation to the stock's performance.

Adkerson will give up his salary, bonus, and rights to severance and change-of-control payments in exchange for restricted stock worth ~$36M; he will continue as CEO, president and vice chairman.

FCX says the agreement is another step of progress in strengthening its corporate governance practices, with further modifications ahead in its executive compensation program.