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."
