Down 6%, Piedmont Lithium shares take the foot off the gas

The Piedmont Lithium Inc (ASX: PLL) share price is losing ground today despite the company announcing two key appointments.

This comes as a number of shares in lithium companies are deep in the red following a sell-off on Wall Street overnight.

Allkem Ltd (ASX: AKE) shares are currently down 5.01%, while those of Liontown Resources Ltd (ASX: LTR) have fallen 4.86%.

The Piedmont Lithium share price is now down 6.45%, trading at 87 cents at the time of writing.

Let’s take a closer look at the company’s latest update.

Piedmont strengthens its senior leadership team

In today’s release, Piedmont advised it was strengthening its senior management team with the appointment of Nick Fouche as its senior vice president of capital projects.

In the role, Fouche will oversee the development of project execution strategies for Piedmont’s global portfolio to deliver on key objectives.

The company said he brought three decades of experience to the position, having spent the majority of his career at Rio Tinto Ltd (ASX: RIO). Fouche has also spent time at other mining and metals companies, including South32 Ltd (ASX: S32) and Palabora.

Piedmont also advised it had acquired the services of Erin Sanders, who will take up the role as vice president of corporate communications.

The company said Sanders was an award-winning integrated communications strategist, working with a number of global communications agencies to build brand identities. Her expertise covers the mining and manufacturing industries.

She will be responsible for all corporate and executive communications, brand reputation, crisis and issues management, employee communications, community relations, public relations, and social media strategies.

What did management say?

Piedmont president and CEO Keith Phillips said:

Adding these experienced leaders is key as we steadily progress in the development plans of our global portfolio of spodumene resources.

Nick has a proven track record of successfully delivering large, multi-disciplinary projects, which will be instrumental as we move into execution mode in the targeted development of our core projects; and Erin’s broad communications background will play a key role in shaping our brand, culture, and perception among our internal and external stakeholders as we move forward.

About the Piedmont Lithium share price

Over the past 12 months, Piedmont shares have gained almost 20%.

The Piedmont Lithium share price reached a year-to-date low of 48.5 cents on 15 July before rocketing 100% a month later.

Piedmont presides a market capitalisation of roughly $459 million based on the current share price.

The post Down 6%, Piedmont Lithium shares take the foot off the gas appeared first on The Motley Fool Australia.

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More reading

• The Piedmont Lithium share price is actually gaining today. What’s going on?
• Why is the Piedmont Lithium share price popping 6% on Thursday?
• Why are ASX lithium stocks having such a stellar run today?
• Where does Tesla get its lithium and do any ASX shares benefit?
• Piedmont Lithium share price falls 5% after plans to build the largest US lithium plant unveiled

Motley Fool contributor Aaron Teboneras 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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