Australian producer Core Lithium has announced that Gareth Manderson will step down as chief executive officer, effective 18 March. Current finance chief Doug Warden will assume the role as interim chief executive officer while an executive search is underway.
The leadership changes follow a strategic review as the company restructures its business in response to a rapid decrease in prices of spodumene.
In January, Core suspended mining activities at its Finniss lithium operation in the Northern Territory. It has also suspended early works on the BP33 underground project. Across the business more broadly, work to preserve cash and the value of the Finniss project are Core’s current priorities.
“While it is very unfortunate that Gareth is leaving, we are pleased with the rapid and decisive approach he and his team have taken in the light of the dramatic downturn in commodity prices to preserve cash, define the value of the business in this market and recommend this new strategy,” said Chair Greg English, noting that Manderson joined the company at a difficult time when the Grants open-pit mine was underperforming and mine infrastructure was not complete.
With the appointment of Warden as interim CEO, Core has named James Virgo as interim CFO. He currently holds the position of financial controller and was previously the general manager finance and investor relations at Resolute Mining.
Source: Core Lithium