USA Rare Earth names Serra Verde's Moraitis as CEO in $2.8B merger

USA Rare Earth is handing the reins to the chief executive of the Brazilian miner it is acquiring, signaling a shift from dealmaking to operational execution as the company races to build the West's first fully integrated rare earth supply chain.

Barbara Humpton will retire as chief executive officer and board director effective Oct. 1, the Stillwater, Oklahoma-based company said Monday. Thras Moraitis, who has led Serra Verde Group since January 2023, will succeed her after the $2.8 billion combination of the two companies closes by the end of August. Michael Blitzer, the current chairman, has been elected executive chairman effective immediately.

"The combination nearing completion and our overall focus shifting to execution, Barbara and the Board agree this is the right time for a leadership transition," Blitzer said. "Thras is among a rare group of leaders in this industry, with a proven record of carrying companies through integration and large-scale project execution, honed over his many years helping build Xstrata."

Moraitis transformed Serra Verde into the only large-scale producer of the four critical magnetic rare earths outside of Asia during his tenure. Before joining the Brazilian miner, he served on the executive committee of Xstrata, where he helped grow the mining group into a $65 billion company before its 2013 merger with Glencore. He has been involved in approximately 40 transactions over his career and also co-founded X2 Resources, a $5.6 billion mining investment fund.

Under Humpton's leadership, USA Rare Earth secured a landmark $1.6 billion public-private partnership with the U.S. government and established a global footprint spanning critical processing, metals and magnet capabilities. The company's market capitalization has increased nearly tenfold since its 2025 public listing, driven by acquisitions and the government financing deal, according to Blitzer.

The leadership transition comes as USA Rare Earth pushes to complete what would be the Western world's first mine-to-magnet supply chain for rare earths — materials essential to aerospace, defense, semiconductors, electric vehicles and data centers. The combined entity will own the Pela Ema mine in Brazil, the Round Top deposit in Texas, metals producer Less Common Metals in the U.K., and a magnet manufacturing facility in Stillwater, Oklahoma, with expansion plans in France.

China currently controls more than 90 percent of the global rare earth magnet supply chain, according to industry data, giving Beijing significant leverage over technologies ranging from F-35 fighter jets to wind turbines. The U.S. government has designated rare earth supply chain independence a national security priority, backing USA Rare Earth's efforts with direct financing and domestic content requirements.

Moraitis will continue to oversee the combined company's operations as president during the interim period before assuming the CEO role. Blitzer, who personally agreed to restrictions on the transfer of his USAR common stock until certain strategic funding milestones are satisfied, will focus on strategic direction and growth opportunities in his new executive chairman capacity.

"I am honored and excited to take on this role and grateful to Barbara for the strong foundation she has built," Moraitis said. "The rare earth industry and our customers are facing the unprecedented challenge of building secure, integrated supply chains to power the vital technologies propelling our society forward."

This article is for informational purposes only and does not constitute investment advice.