USA Rare Earth names Thras Moraitis as new CEO

USA Rare Earth (Nasdaq: USAR) has completed its previously announced CEO succession plan, with Thras Moraitis assuming the chief executive role after serving as the company's president, according to a press release.

The company has reorganized its operations into three business units: Upstream, covering mining, processing and separation; Midstream, covering metals, alloys and powders; and Downstream, covering magnets and derivative products. Moraitis will lead the Upstream unit, Chaitan Kansal will head Midstream, and David Bushi will oversee Downstream.

"Our immediate priority is to bring these businesses together, establish clear accountability and execute reliably for customers," Moraitis said in the statement.

Executive Chairman Mike Blitzer thanked outgoing CEO Barbara Humpton for her contributions in building the company's rare-earth platform.

USA Rare Earth's current operational footprint includes Serra Verde's mine and processing facility in Brazil, the Round Top heavy rare earth project in Texas, processing and separation capabilities in Wheat Ridge, Colorado, Less Common Metals' operations in the United Kingdom, and magnet production in the United States. A pending transaction with Carester would add heavy rare-earth separation capabilities and related intellectual property, subject to closing conditions.

You May Also Be Interested In

• Copart extends ACV tender offer deadline to Oct. 7
• Aptera cuts capital estimate to reach production to $25 million
• Powerus completes merger with Aureus Greenway, lists on Nasdaq as PUSA