Why is the Lake Resources share price outperforming on Wednesday?

The Lake Resources NL (ASX: LKE) share price is in the green this morning after the company announced the appointment of its new CEO and managing director.

 The lithium developer will welcome its new boss, industry veteran David Dickson, later this month.

The Lake Resources share price is $1.24 at the time of writing, 2.9% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is falling 1.39% right now. Meanwhile, the lithium stock is the only gainer on the S&P/ASX 200 Materials Index (ASX: XMJ) so far today. The sector is currently down 1.91%.

Let’s take a closer look at today’s news from the ASX 200 lithium hopeful.

Lake Resources stock surges as new CEO revealed

The Lake Resources share price is floating above a sea of red in its home sector today following news of its next leader. Dickson is set to take the company’s reins later this month.

He has more than 30 years of experience in process technology, engineering, construction, and EPC [engineering, procurement and construction] cost management across the energy sector, as well as a track record in delivering multibillion dollar resource projects.

He is also currently a senior advisor to private equity firm Quantum Energy Partners and an executive strategic advisor to strategic investment firm The Chatterjee Group.

Dickson previously helmed global engineering and construction firm McDermott International for seven years, leaving in 2021. Before that, he was the president of Technip USA.

He has signed an employment contract with Lake Resources, commencing next Thursday, following the company’s six-month search for its next boss.

It expects the appointment will support its growth and fast-track its North and South American operations.

Speaking on Dickson’s appointment, Lake Resources executive chair Stuart Crow said:

David combines proven leadership experience and engineering expertise with a deep strategic understanding of off-taker and investor perspectives on energy supply chains.

David knows all the major oilfield services and EPCM contractors who are looking to expand into the renewable economy … including those companies skilled in environmentally friendly drilling and reinjection – a key to Lake expanding at scale.

Dickson also commented on his appointment, saying:

Lake Resources has the opportunity to set a new global standard for producing clean, high-purity lithium at speed and scale, at a time when lithium demand is growing rapidly.

To be a part of the global energy transition and bring a crucial new technology into large scale lithium production is an immense privilege.

Lake Resources share price snapshot

The Lake Resources share price has been outperforming lately.

It has gained 13% since the start of 2022. It’s also trading for 128% more than it was this time last year.

For comparison, the ASX 200 has dumped 11% year to date and 10% over the last 12 months.

The post Why is the Lake Resources share price outperforming on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why is the Lake Resources share price heading 5% upstream today?
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• Why did the Lake Resources share price rocket 40% in August?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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