Molycorp’s CEO, Mark Smith, has resigned from his position. In his place, the board of directors has appointed Constantine Karayannopoulos, effective immediately.
News of the resignation of Molycorp CEO Mark Smith caused the company’s stock price to fall in after-hours trading on Tuesday. Shares of Molycorp (NYSE:MCP), a leading low-cost rare earth company in the US, dropped 8.21 percent, to $10.40, in the hours following the news.
A company statement notes that Constantine Karayannopoulos has been named interim president and CEO, effective immediately. Karanyannopoulos is director and vice chairman of the board and has previous experience as the president and CEO of Neo Material Technologies (TSX:NEM).
The board of directors sees the move as “a natural inflection point, as it transitions its focus from development to ongoing operations, to bring in a proven business leader with industry experience, a track record of operational excellence and management experience to execute Molycorp’s strategy,” according to the company.
The news of Smith’s resignation came on the back of a November statement from the company that indicates it was subject to an investigation by the SEC “pertaining to, among other things, the accuracy of the Company’s public disclosures.” Following the announcement in November, share prices also took a dive to their lowest level since the company’s 2010 IPO, according to Bloomberg.
The chairman of the board, Ross R. Bhappu, said in a statement, “[t]he Board of Directors thanks Mark Smith for his 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.”
The company remains confident in Karayannopoulos’ ability to manage the company and its subsidiaries.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1819.28 | +0.70 | |
Silver | 20.84 | +0.02 | |
Copper | 3.76 | -0.02 | |
Palladium | 1887.00 | +18.00 | |
Platinum | 916.75 | +6.75 | |
Oil | 112.14 | +0.38 | |
Heating Oil | 4.11 | 0.00 | |
Natural Gas | 6.66 | +0.09 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.