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USA Rare Earth, Inc. (NASDAQ:USAR), a metal mining firm specializing in the extraction of rare earth elements, has announced the appointment of William Robert Steele Jr. as the company’s new Chief Financial Officer, effective March 24, 2025. The announcement was made today following the filing of an 8-K report with the Securities and Exchange Commission. The appointment comes as USAR’s stock has shown remarkable strength, surging 72.93% over the past six months to trade at $18.55, near its 52-week high of $19.03.
Steele, 59, brings extensive financial expertise to USA Rare Earth, having previously served as the Global Chief Financial Officer of Mujin Corp., a robotics software platform, and holding senior positions at Bank of America Securities and Stifel. He holds a bachelor’s degree from the University of California, Santa Barbara, and an MBA from the Anderson School at UCLA. According to InvestingPro, USAR maintains an "EXCELLENT" financial health score of 4.71, suggesting strong fundamental positioning in the rare earth metals sector.
According to the 8-K filing, Steele’s appointment is part of an assignment and assumption agreement related to the company’s recent business combination. As CFO, Steele will receive an annual base salary of $400,000, with the potential for an annual cash bonus based on performance targets, and an initial equity award valued at no less than $2,000,000. The compensation package aligns with the company’s strong market performance, which has delivered a 77.68% return over the past year.
The employment agreement includes standard restrictive covenants such as confidentiality and non-solicitation clauses. In the event of termination without cause or resignation for good reason before December 31, 2026, Steele will be entitled to severance benefits including six months of base salary, any unpaid earned annual bonus, accelerated vesting of equity awards, and COBRA premium reimbursement for up to six months.
Christopher Boling, who has been serving as the company’s principal financial officer and principal accounting officer, will continue as the Controller of USA Rare Earth following Steele’s commencement.
The appointment of Steele as CFO reflects USA Rare Earth’s commitment to strengthening its executive team as it advances its strategic initiatives in the rare earth mining sector. This information is based on a press release statement.
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