Lynas Rare Earths Ltd (ASX: LYC) shares are in the spotlight on Tuesday.
In morning trade, the rare earths producer’s shares have given back their early gains and are down 1% to $14.61.
What’s going on with Lynas shares today?
The company’s shares have been bouncing around today as investors digest a big announcement released before the market open.
According to the release, the company’s chief executive officer and managing director, Amanda Lacaze, has advised the board of her intention to retire after 12 years in the role.
In response, the Lynas board has initiated a search process to select a new CEO to lead it through its next stage of growth. It notes that this process will consider both internal and external candidates.
In the meantime, Ms Lacaze intends to remain with the company until the end of the current financial year to enable a smooth transition.
Commenting on her exit, Lynas’ outgoing CEO, Amanda Lacaze, said:
I’ve loved every day of my 12 years at Lynas. It has been a great privilege to lead the company from a troubled startup to an ASX50 company. I am extremely proud of our achievements over this time. I am leaving the company in good hands with a fabulous team with unique skills and know-how, and a balance sheet to support future growth plans. Having successfully concluded the Lynas 2025 capital investment program and launched the Towards 2030 growth strategy, it is the right time to make this transition.
Lynas’ chair, John Humphrey, believes that Lacaze is leaving the company in a very different position to when she joined. He said:
Amanda has made an outstanding contribution to Lynas and the rare earths industry over the past 12 years. On behalf of the Board and the whole Lynas team, I thank Amanda for her leadership and dedication to our people and our company. This company was in a very difficult position when Amanda took on the role of CEO.
It is thanks to Amanda’s hard work, drive and tenacity that Lynas is today a leading rare earths producer and critical supplier to global manufacturing supply chains. Under Amanda’s leadership, the company’s production and operating footprint has grown and our market value has increased from around $400 million in 2014 to close to $15 billion. This provides an excellent foundation for the company’s continued growth and development.
Lynas shares remain up over 100% since this time last year.
The post Lynas shares slip on shock CEO exit appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd. 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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