Australia's Core Lithium CEO to step down amid strategic review (updated)

Core Lithium

12/03/2024 06:52

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       March 12 (Reuters) - Australia's Core Lithium  CXO.AX 
said on Tuesday CEO Gareth Manderson will step down after more
than a year in the role, as part of a strategic review, and
finance chief Doug Warden has been appointed as the interim
chief. 
    The lithium miner also appointed James Virgo, who is the
financial controller, as the interim CFO in place of Warden.
    Core said it is restructuring its business in response to a
rapid decrease in prices of spodumene, an important source of
lithium. 
    Prices of lithium have come under pressure in recent times
due to slower-than-expected sales of electric vehicles. 
    Earlier in January, Core suspended mining operations at the
Finniss project in Northern Territory. 
    Manderson, who was focused on the development of the Finniss
project, will leave the company on March 18.
    The search for a new CEO is underway, Core said. 


 (Reporting by John Biju in Bengaluru; Editing by Sonia Cheema
and Sherry Jacob-Phillips)
 ((John.Biju@thomsonreuters.com;))