FCX Freeport McMoRan Inc

By George Stahl 

Freeport-McMoRan Inc. said Wednesday that it added two new independent board members through an agreement with billionaire investor Carl Icahn, a day after the mining and energy company reduced its number of directors by 44%.

Freeport, whose main business is still copper, has been hurt by sluggish commodities prices across the board and its mistimed bet on the energy business. Mr. Icahn, who has a stake of about 8.8%, is one of the company's biggest shareholders.

The company on Wednesday named Andrew Langham, general counsel of Icahn Enterprises L.P., and Courtney Mather, managing director of Icahn Capital LP, to its board. Freeport now has 11 directors--nine independent directors and two executive directors.

Tuesday, Freeport cut its board to nine members from 16 members. The company also said it is reviewing options for its oil-and-gas business, adding that the potential public offering of a minority interest in the business remains an alternative.

Mr. Icahn disclosed his stake in late August when Freeport announced it would slash 2016 capital spending by 29%, cut about 10% of its U.S. workforce--or more than 1,500 jobs--and reduce output. At the time, Mr. Icahn said he would potentially seek board representation and wanted the company to cut spending levels further and executive compensation.

Freeport has been hurt by debt it took on to make a big bet on oil and gas with the 2013 purchases of McMoRan Exploration Co. and Plains Exploration & Production Co., for $9 billion combined. It also moved to dramatically expand copper production on four continents.

Write to George Stahl at george.stahl@wsj.com

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(END) Dow Jones Newswires

October 07, 2015 10:21 ET (14:21 GMT)

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