A transition tied to the Serra Verde combination
Mr. Moraitis will take on the CEO role following the anticipated completion of the combination between USA Rare Earth and Serra Verde, expected by the end of August 2026. During the interim period, he will continue to oversee the combined company’s operations as president. Serra Verde, which Mr. Moraitis has led since January 2023, has become the only large-scale producer of the four critical magnetic rare earths outside Asia, according to the company. In April 2026, Serra Verde and USA Rare Earth entered into a definitive agreement to combine, aiming to build the first fully integrated Western mine-to-magnet supply chain.
Michael Blitzer, chairman of USA Rare Earth’s board and a significant shareholder in the company, has separately been elected executive chairman, effective immediately. Since the group’s public listing, he has helped set its strategic direction and structure its efforts to secure financing from the U.S. government, according to the company’s statement. He reportedly agreed personally to restrictions on the transfer of his USAR common stock until certain strategic funding release milestones are met.
A track record shaped by Xstrata and Glencore
Before joining Serra Verde, Thras Moraitis served on the executive committee of mining group Xstrata, led by Mick Davis. Under that leadership, Xstrata reportedly reached a valuation of 65 billion dollars before its sale to Glencore in 2013. According to USA Rare Earth, Barbara Humpton oversaw the establishment of public-private partnerships and the build-out of a global footprint spanning processing, metals and magnet capabilities.
The board of directors states that the transition comes as the Serra Verde combination nears completion and as the company’s focus shifts toward operational execution. USA Rare Earth notes that Barbara Humpton will continue to support the leadership team during the transition period. The company remains listed on the Nasdaq under the ticker USAR.