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Molycorp names Bedford as its CEO

GREENWOOD VILLAGE, Colo. (AP) -- The chief operating officer at Molycorp has been named CEO and he will replace Constantine Karayannopoulos, who took over on an interim basis last December.

Geoff Bedford, 47, who is also an executive vice president, will officially take over on Dec. 2.

Karayannopoulos will remain at Molycorp Inc. as vice chairman and a director. He will continue to serve as interim president and CEO during the transition. He stepped in after the departure of former CEO Mark Smith last year.

The appointments are effective on Dec. 2.

Bedford had been executive vice president and chief operating officer at Neo Material Technologies, which Molycorp acquired in June 2012.

Shares of the rare earths company, based in Greenwood Village, Colo., declined 18 cents, or 2.5 percent, to $6.92 in afternoon trading. The stock has traded between $4.70 and $11.89 over the past year.