Core Lithium (ASX:CXO) shares fall over 4% as managing director steps down

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Image Source: © Charon | Megapixl.com

Highlights

  • Core shares have been witnessing selling pressure following the announced resignation of its managing director.
  • Biggins has played a crucial role in building CXO's major lithium project - Finniss Lithium Project.
  • The stock has gained 97% on YTD.

Shares of Core Lithium Ltd (ASX:CXO), Australia's next lithium producer, came under selling pressure on Friday (25 March 2022) after company announced resignation of its managing director Stephen Biggins, who has been at the helm of the company for the last 12 years.  

After gaining over 190% in the last six months, CXO shares traded 4.436% lower at AU$1.185 per share at 1:51 PM AEDT today.

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More details

As per the release, the founding Managing Director of the company - Stephen Biggins announced that he is resigning from the company and will step down from the role before the end of 2022.

Image source – © Nito100 | Megapixl.com

Biggins revealed that he is resigning for personal reasons and believes that the company is in a strong position to reach its goals.

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Apart from this, Biggins also said that CXO is progressing well towards its transformation from explorer to producer.

Given the company's strong financial performance coupled with the Finniss Lithium Project, CXO has built a platform for sustainable growth for upcoming years, he said.

During his tenure, Biggins oversaw Core's initial listing on ASX. He has extensive geological and capital markets experience and played a crucial role in the Finniss Lithium Project.

What next?

Following Biggins' resignation, the management has appointed Korn Ferry to conduct a competitive executive search for a new Chief Executive Officer.

Acknowledging Biggins' services, Core Chairman Greg English said Biggins had left a long-lasting legacy.

Stephen had been a founding director of CXO and has put the company on a pathway for a stronger future, he said adding that with the Finniss Lithium Project development, Stephen led CXO's most significant transformation in history while setting Core up for solid earnings growth.

CXO share price movement

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The scrip has gained over 400% in the last 12 months and 97% on YTD this year. Over the previous three months, it has delivered 114% return to its shareholders.


 


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