USA Rare Earth, Inc. (Nasdaq: USAR) announced on October 1, 2026, the completion of a CEO succession plan. Thras Moraitis, who previously served as President of the company, has assumed the role of Chief Executive Officer. The transition was disclosed in a press release filed with the SEC as Exhibit 99.1.
Moraitis stated that the company has assembled capabilities to compete across the rare-earth value chain in multiple countries. His immediate priorities are to integrate the company's rare-earth businesses, establish clear accountability, and execute reliably for customers. He emphasized that a relentless focus on implementation will be central to delivering value for investors, customers, government partners, and host communities.
To support faster decision-making and accountability, the company has organized its operations into three business units:
- Upstream: Covers mining, processing, and separation.
- Midstream: Covers metals, alloys, and powders.
- Downstream: Covers magnets and derivative products.
Moraitis will lead the Upstream unit, while Chaitan Kansal will lead Midstream and David Bushi will lead Downstream.
Executive Chairman Mike Blitzer praised the transition, thanking outgoing CEO Barbara Humpton for her leadership in building the foundation of the rare-earth platform. Blitzer stated that Moraitis brings the experience and focus needed to lead the company through its next phases of development and pursue value accretive opportunities.
The company noted that following the completion of its combination with Serra Verde, it is positioned across all key stages of the rare-earth supply chain. The platform includes Serra Verde's mine and processing facility in Brazil, the Round Top heavy rare earth project in Texas, advanced processing capabilities in Wheat Ridge, Colorado, Less Common Metals' operations in the United Kingdom, and magnet production in the United States.
