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Mining company exec steps down

Posted at 12:10 PM, Dec 28, 2015
and last updated 2015-12-28 14:10:30-05

TUCSON (KGUN9-TV) -  Freeport-McMoRan announced that a high-ranking executive has stepped down.

The company says James R. Moffett, a co-founder, long-time executive and chairman of the board, is leaving the company. He will be a consultant to the board.

Gerald K. Ford will replace Moffett as non-executive chairman. He has been the company's lead independent director since 2013.

The Phoenix-based company, which operates several mines in the state, has made some shake-ups lately, announcing the closure of the Sierrita Mine, which includes hundreds of layoffs. The company employs more than 5,000 people.