Why is Core Lithium share price outperforming the ASX 200 today?

The Core Lithium Ltd (ASX: CXO) share price is outperforming the market on Monday.

In morning trade, the lithium miner’s shares are flat at $1.15.

This compares favourably to a 1.4% decline by ASX 200 index.

Why is the Core Lithium share price outperforming?

The Core Lithium share price is performing better than most today after the market responded positively to an announcement this morning.

According to the release, Core Lithium’s managing director, Stephen Biggins, will bring forward his resignation from the role and exit the company with immediate effect.

Mr Biggins had announced his resignation in March and planned to step down from the role before the end of 2022.

However, with the recent official opening of the Finniss Lithium Mine and appointment of Gareth Manderson as CEO, Biggins has decided it is the appropriate time to complete his role as managing director and as a director of Core Lithium.

He commented:

The Finniss Lithium Mine official opening was the culmination of 12 years of rewarding dedication to achieve this rare milestone and I feel that now is the right time to step down as Managing Director.

Now is the ideal opportunity to hand over the leadership to Gareth as he has settled into the role as CEO. The business is now in great shape, the financial performance is strong, and at the Finniss Lithium Project, we have built a platform for sustainable growth for many years to come.

Core Lithium’s chairman, Greg English, notes that Biggins “has left a significant long-lasting legacy and has set Core up for strong earnings growth.” He concludes:

On behalf of the Core team, I would like to thank Stephen for his outstanding contribution to the Company, and we wish him well in his other ventures.

The post Why is Core Lithium share price outperforming the ASX 200 today? 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 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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