Molycorp Inc. (MCP) said that President and Chief Executive Mark
A. Smith has left the company and the rare-earth mining company has
named Director Constantine Karayannopoulos to fill the roles as it
seeks a permanent successor.
The company's shares were down 5.6% at $10.68 in recent
after-hours trading.
Molycorp--which manufactures and sells rare-earth products used
in high-tech gadgets--didn't provide details about why Mr. Smith
has departed and a company spokesman wasn't immediately available
to comment.
The company is on the verge of a transformative year after a
costly rare-earth mining-facility upgrade, but the company's shares
may remain volatile until investors get greater clarity about
production contracts and cash needs for next year.
Chairman Ross R. Bhappu in a statement said Mr. Smith's
"significant contributions and leadership over the past four years
that have brought Molycorp to this natural transition into an
ongoing operating business, and we wish him well in his future
endeavors."
Mr. Karayannopoulos is a professional engineer. His prior
experience includes serving as president and CEO of Neo Material
Technologies, a position he held from 2005 until this year.
Write to Tess Stynes at Tess.Stynes@dowjones.com
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