The Vulcan Energy Resources Ltd (ASX: VUL) share price is pushing higher again on Tuesday.
In afternoon trade, the lithium developer's shares are up 6% to $4.55.
This means the company's shares are now up 20% since this time last week.
Why is the Vulcan Energy share price rocketing higher?
As well as getting a boost from a broad rally in the lithium industry, investors have been buying Vulcan Energy shares recently following an update on its leadership.
Last week, the company revealed that Dr Francis Wedin would be stepping down as its chief executive officer (CEO) and moving into the role of executive chair from 1 July.
Replacing Dr Wedin is Cris Moreno, who has been Vulcan Energy's deputy CEO since 2022.
Investors appear pleased with the appointment. Particularly given that Moreno has 20 years of global experience delivering major capital projects in the energy and chemicals sector. This includes recent success in leading green scale-up companies into commercial production.
Why the changes?
Dr Wedin explained that these changes were made to ensure that the development of the Zero Carbon Lithium Project is delivered successfully. He said:
As we embark on the execution phase, we need to ensure that we have the right skill sets at the executive level as we execute and deliver the Zero Carbon Lithium Project.
Since joining us as Deputy CEO in 2022, Cris Moreno has been instrumental in transforming Vulcan from a development-focused team into an integrated development, execution and production company, and has built up a highly capable project directorate. Cris has extensive experience in executing large, integrated capital projects in the oil and gas industry, which shares a lot of DNA with integrated lithium chemicals and renewable energy projects like ours.
Wedin then concludes:
Importantly, he also has unique experience in the lithium chemicals and battery cathode industries in Europe. We share a passion for the environment, and Cris' values embody the decarbonisation and energy transition purpose and mission of Vulcan. With this change, I know Cris is the right person to lead Vulcan to the next stage and use his considerable abilities to take our integrated renewable energy and carbon neutral lithium chemicals project to large-scale commercial production.
The Vulcan Energy share price remains down 22% since this time last year.
