Vulcan (ASX:VUL) share price tumbles despite key appointments

It hasn’t been a good start to the week for Vulcan shares…

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The Vulcan Energy Resources Ltd (ASX: VUL) share price is out of form on Monday.

In morning trade, the clean lithium company’s shares are down 4% to $14.52.

This is despite the company releasing an update on some key new appointments today.

Why is the Vulcan share price tumbling lower?

Today’s decline by the Vulcan share price appears to have been driven by broad weakness in the lithium sector.

This may be due to profit taking after some strong sector gains in recent weeks.

For example, the Vulcan share price isn’t the only one sinking today. The Orocobre Limited (ASX: ORE) share price is down 5% and the Pilbara Minerals Ltd (ASX: PLS) share price is down 6% at the time of writing.

What about the announcement?

Failing to give the Vulcan share price a lift today was the announcement of some key new appointments in its communications team.

In Germany, Vulcan has appointed Beate Holzwarth as its Chief Communications Officer, effective from 1 October.

The release notes that Mrs Holzwarth has over 20 years’ experience in various communication and marketing roles within Mercedes-Benz Cars and Daimler Trucks.

Whereas in Australia, Vulcan has appointed Jessica Bukowski as its Public and Investor Relations Manager. Ms. Bukowski was previously Senior Media and Corporate Affairs Specialist at Fortescue Metals Group Limited (ASX: FMG). She was also an adviser to former Prime Minister Kevin Rudd AC.

Vulcan’s Managing Director, Dr Francis Wedin, commented: “With Beate and Jess joining us, we welcome two highly qualified and capable communications experts into our executive team. Beate’s experience in the German automotive industry with Daimler-Mercedes and her in-depth knowledge of the Upper Rhine Valley region, combined with Jess’ experience with the transformation of Fortescue towards becoming an integrated resources-renewable energy company, will be invaluable to our stakeholder communication as part of the development of the Zero Carbon Lithium Project.”

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Motley Fool contributor James Mickleboro owns shares of Orocobre Limited. 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.

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