March 4, 2014 / 1:05 AM / 4 years ago

Freeport-McMoRan cuts top executives' salaries by half

March 3 (Reuters) - Freeport-McMoRan Copper & Gold Inc halved the base salaries of two members of the Office of the Chairman as of Feb. 27, according to a filing by the company on Monday.

Executive Chairman James Moffett and James Flores, CEO of FCX’s oil and gas unit, will be paid $1.25 million instead of $2.5 million.

Under the new compensation agreement, Freeport set an overall target compensation of $7.5 million each for Moffet and Flores, including any performance based benefits.

In December, company CEO Richard Adkerson, the third member of the Office of the Chairman, agreed to cancel his employment agreement but remain on the job under a new “at will” agreement, with pay and benefits to be determined by the company’s compensation committee.

Freeport, like many other top mining companies, has faced criticism in recent years over high executive compensation at a time when declining metal prices and high costs have weighed on share value.

Shares of the Arizona-based company fell 0.64 percent to close at $32.83 on the New York Stock Exchange.

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