Freeport-McMoRan Stock Bounces Back After Co-Founder Resigns

Freeport-McMoRan Inc FCX stock bounced back on Tuesday following the resignation of the company's Co-Founder and former CEO James Moffett on Monday.

Shares were recently up 1.9 percent at $6.97.

Gerald J. Ford will be replacing Moffett. Ford previously served as Freeport-McMoRan's Lead Independent Director since 2013 and was elected as the company's Non-Executive Chairman.

Moffett played an instrumental role in the development of the company's overseas investment. He built and expanded Freeport-McMoRan over five decades into one of the world's leading producers of gold and copper.

Moffett now has been named Chairman Emeritus and will be a consultant to the Freeport-McMoRan Board. He will be providing advisory services to support the company's continued discussions with the Indonesian Government regarding its Contract of Work.

Shares of FCX have been taking a beating with commodities prices down.

Moffett's departure follows the company's current challenges with slumping commodity prices.