Why the Piedmont Lithium (ASX:PLL) share price is lifting today

Piedmont Lithium shares are in the green today after new additions to the company board were announced

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Shares in Piedmont Lithium Ltd (ASX: PLL) are gaining today on news of changes to the company’s board. At the time of writing, the Piedmont Lithium share price is 2.31% higher than its closing price yesterday, with shares in the company swapping hands for 89 cents apiece.

The lithium producer’s board is welcoming 2 new non-executive directors, as it says goodbye to 2 of its long-serving leaders.

Let’s take a closer look at the changes.

Piedmont Lithium’s new board

Piedmont Lithium has elected Claude Demby and Susan Jones to its board, as Levi Mochkin and the company’s co-founder Anastasios Arima make their exit.

According to the company release, Jones brings her wealth of legal and leadership experience to the Piedmont board.  

Jones’ most recent role was as executive vice president and the CEO of potash at the world’s largest underground soft rock mining company, Nutrien. Jones has also held positions on the boards of Agrium and TC Energy Corp, as well as several others.

Piedmont chair Jeff Armstrong commented on her appointment, saying:

Susan’s experience leading a global, vertically integrated, commodity company, combined with her extensive background in a variety of operational roles at Nutrien, will be an asset to Piedmont Lithium as we look to expand our business in the future.

The company said that Demby also brought with him a record of strong performance in other leadership positions. He was previously the Noël Group CEO and managing director and is currently president of Cree Inc.‘s LED business.

Of Demby’s suitability for the board position, Armstrong said:

Claude’s work leading the LED products business at Cree, developing technologies and services that have a broad environmental, social, and governance impact, will be extremely valuable to Piedmont given our focus on serving the electric vehicle market.

Armstrong acknowledged the “vision and contributions” of the outgoing board members.

Piedmont Lithium share price snapshot

The Piedmont Lithium share price is having a roaring time on the ASX of late.

Currently, the company’s share price is 139% higher than it was at the start of 2021. It’s also gained a whopping 637% since this time last year.

The lithium producer has a market capitalisation of around $510 million, with approximately 1.5 billion shares outstanding.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Piedmont Lithium Limited. 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.

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