Douglas C. Yearley, a Phelps Dodge Corp. vice president, will replace G. Robert Durham as chairman and chief executive of North America’s largest copper producer. Phelps Dodge has headquarters in Phoenix. The change in leadership will take place after the company’s May 3 annual meeting. Durham plans to retire June 30. Yearley, 53, is president of the Phelps Dodge Industries division. His elevation will coincide with that of Leonard R. Judd, 49, another vice president, to president and chief operating officer.