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Codelco’s new boss is restructuring management at the Chilean state copper behemoth as he looks to turn around under-performing mines and projects that have crimped both production and profit.

After a month as chief executive officer, Ruben Alvarado is bringing Codelco’s three operational divisions under one roof to be led by Mauricio Barraza, the current central-south head, according to a regulatory Bloomberg Terminalfiling on Friday. Effective Nov. 1, he’ll also mesh mining resources and development with innovation and technology in a team run by northern operations VP Nicolas Rivera.

Alvarado — the former head of Santiago’s subway, who last month became Codelco’s third CEO in just over a year — is looking to streamline structures and prioritize productive areas at a time when copper output is at the lowest level in a quarter of a century.

In a turbulent week for the world’s biggest copper producer, Alejandro Rivera is stepping down as chief financial officer and Nicole Porcile resigned as head of sustainability, while the firm’s investment-grade credit rating was cut one notch by Moody’s Investors Services, pushing down bond prices.

Alvarado and Chairman Maximo Pacheco are working to steady the company as mine mishaps and project delays exacerbate the impact of deteriorating ore grades. Codelco has embarked on a $40 billion spending program after decades of underinvestment at its aging deposits.

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Codelco CEO Ruben Alvarado Restructures Management to Fix Copper Mine Woes

Codelco’s new CEO, Ruben Alvarado, is reorganizinging the company’s management to address underperforminging copper mines and projects. Alvarado, who took the role last month, is bringing three operational divisions under one roof, led by Mauricio Barraza. The restructuring aims to streamline structures and prioritize productive areas as the company faces challenges in copper output and profitability.