Core Lithium (ASX:CXO) share price falls on shock CEO exit

Core Lithium's CEO is heading to the exits…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • Core Lithium's shares are in the red today after the company announced the exit of its CEO.
  • Stephen Biggins is leaving after almost 12 years for personal reasons.
  • Mr Biggins will leave the company by the end of the year.

The Core Lithium Ltd (ASX: CXO) share price is under pressure on Friday.

In morning trade, the lithium developer's shares are down 2.5% to $1.21.

Why is the Core Lithium share price falling today?

Investors have been selling down the Core Lithium share price today following the release of a shock announcement.

According to the release, the company's founding managing director and CEO, Stephen Biggins, has revealed that he is resigning and will step down from the role by the end of the year. The release notes that Mr Biggins is resigning from the company for personal reasons.

The outgoing managing director believes he is leaving the company in a strong position to achieve its goals. He said:

After nearly 12 years with Core, I am proud of the contribution I have made to the discovery and development of the Finniss Lithium Project and growing the company to become Australia's next lithium producer.

Core is in perfect position to reach its next stage of growth as a lithium producer, and I feel it is the right time to step down as managing director and pass the torch on to the right person to lead Core in this next stage.

Our transformation from explorer to producer is progressing to plan, the financial performance is strong, and at the Finniss Lithium Project, we have built a platform for sustainable growth for many years to come.

What now?

The release notes that the Core Board has appointed Korn Ferry to commence a thorough and competitive executive search for a new CEO.

Until then, the company's chair, Greg English, believes it will be business as usual.

He commented: "Stephen was a foundation director of Core and has put the company on a pathway for a stronger future. With the development of the Finniss Lithium Project, he has led the biggest transformation in the company's history and has set Core up for strong earnings growth."

Should you invest $1,000 in Arafura Resources right now?

Before you buy Arafura Resources shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Arafura Resources wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

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 Bruce Jackson.

More on Resources Shares

Miner looking at a tablet.
Resources Shares

Up 73% since April, why Mineral Resources shares could keep charging higher

A leading expert says that Mineral Resources shares remain ‘heavily undervalued’. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Resources Shares

Guess which ASX 200 mining stock is sinking 7% following its quarterly update

Let's see how this miner performed during the third quarter.

Read more »

Miner looking at a tablet.
Resources Shares

What's the latest broker ratings on BHP shares?

There's an air of caution floating about BHP shares even with bullish ratings.

Read more »

A young African mine worker is standing with a smile in front of a large haul dump truck wearing his personal protective wear.
Resources Shares

BHP shares last traded at $50 in 2023. When will they get back there?

Let’s dig into the potential for BHP shares to rise.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX All Ords stock just rocketed 21% on 'exceptional' results

Investors are sending the ASX All Ords stock flying higher on Wednesday. But why?

Read more »

A mature age woman with a groovy short haircut and glasses, sits at her computer, pen in hand thinking about information she is seeing on the screen.
Resources Shares

Guess which prominent Super fund just offloaded its remaining Mineral Resources shares?

This super fund has had enough.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Broker names 10 ASX mining stocks set to outperform following Macquarie Conference

Twenty-two ASX mining companies presented at the annual Macquarie Conference last week.

Read more »

Miner holding cash which represents dividends.
Dividend Investing

Invested $8,000 in Fortescue shares 5 years ago? Guess how much passive income you've banked!

Fortescue is popular among passive income investors for paying two fully franked dividends per year, even during COVID.

Read more »