JUDD STEPS DOWN AS PHELPS DODGE PRESIDENT FOR HEALTH REASONS
PHOENIX, Arizona, November 7, 1991 /PRNewswire/ -- Phelps Dodge Corporation (NYSE: PD) today announced that for reasons of health Leonard R. Judd has resigned as President and Chief Operating Officer and a director of the company, and as President of Phelps Dodge Mining Company, effective November 6, 1991. Mr. Judd will retain an association with the company as an employee through the end of the year and thereafter as a consultant to the extent his health permits.
Douglas C. Yearley, Chairman and Chief Executive Officer of Phelps Dodge, has been elected to the additional position of President of Phelps Dodge Corporation.
J. Steven Whisler has been elected President of Phelps Dodge Mining Company. Mr. Whisler, formerly General Counsel, will remain a Senior Vice President of Phelps Dodge Corporation.
Mr. Yearley announced Mr. Judd's decision following a regular meeting of the company's Board of Directors yesterday, commenting: "I am deeply saddened to announce that Len Judd has been forced to relinquish his duties for health reasons, although I fully understand the circumstances. Len has had an immeasurable impact on the recent success of this company, and his talents and abilities will not easily be replaced. Working with him closely for the past 10 years, I have come to admire greatly his significant contributions. Perhaps his greatest contribution is the strong team we have in place to meet this unforeseen challenge.
"It is imperative that Len devote his full energies to regaining his health. That is not only the goal of Len and myself, but the desire of all his fellow directors, officers, employees, and friends."
In commenting on his decision, Mr. Judd said: "It is with sincere regret and great sadness that I have made this decision. I have devoted the past 25 years of my life to this company, and there simply is not a finer one around. I will miss all my friends and associates. But I also know I'm going to be very proud of Steve Whisler and the Phelps Dodge Mining team. We have worked hard over the years to plan for any contingency, including one such as this. I don't believe the company will miss a beat."
Mr. Whisler, 36, joined Western Nuclear, Inc., Phelps Dodge's uranium mining subsidiary, in 1976, and has held increasingly responsible positions with Phelps Dodge or its subsidiaries over the past 15 years. In 1981, he joined Phelps Dodge's exploration and international mining group. Mr. Whisler was elected a Vice President and the General Counsel in 1987, and was elected a Senior Vice President and joined the Senior Management Committee in 1988. He holds a B.S. degree in Business from the University of Colorado, a J.D. degree from the University of Denver College of Law, and an M.S. degree in Mineral Economics from the Colorado School of Mines. Mr. Whisler is a Certified Public Accountant, and is a member of the Society of Mining Engineers - AIME and the Visiting Committee of the Colorado School of Mines.
Mr. Judd, 52, first joined Phelps Dodge in 1963 and has served as President and Chief Operating Officer since 1989. He was graduated from the University of Arizona in 1961 as a metallurgical engineer, and also holds an M.B.A. degree from that University. Mr. Judd began his career with Phelps Dodge as an Assistant Test Engineer at the Douglas Reduction Works. He was Assistant Smelter Superintendent, New Cornelia Branch, from 1972-1973; Smelter Superintendent, Hidalgo Smelter, from 1974-1977; General Superintendent, Tyrone Branch, from 1977-1979; and Assistant Manager, Morenci Branch, from 1979-1980. He was elected a Vice President in 1980, appointed General Manager, Western Operations in 1982 and became a Senior Vice President in 1983. He was elected a director in 1986 and served as an Executive Vice President from 1987-1989.
Phelps Dodge Corporation is the world's second largest producer of copper. The company is also the world's second largest producer of carbon blacks, the leading North American fabricator of wheels and rims for medium and heavy trucks, and a major manufacturer of magnet wire and specialty conductors, and has operations and investments abroad in mines and wire and cable manufacturing facilities. The company's operations are located throughout the United States and in 22 other countries.
/CONTACT: Thomas M. Foster of Phelps Dodge, 602-234-8139/
(PD) CO: Phelps Dodge Corporation ST: Arizona IN: MNG SU: PER KJ -- SD003 -- 2043 11/07/91 08:49 EST