The FYI (ASX:FYI) share price falls 6% despite new exec hire

The company’s shares are reversing yesterday’s gains…

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The FYI Resources Ltd (ASX: FYI) share price is sinking during afternoon trade despite the company’s latest appointment.

At the time of writing, FYI Resources shares are down a sizeable 6.17% to 38 cents apiece. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.18% to 7,781.7 points.

FYI Resources strengthen leadership team

Investors appear unfazed by the company’s positive announcement, sending FYI Resources shares to a near 8-month low.

According to its release, FYI Resources advised it has secured the services of Perth-based qualified chemical engineer, Claudio Di Prinzio.

The appointment will see Mr Di Prinzio take up the role of executive manager in the Operations and Technology department. Responsibilities will include representing the company’s interest in the joint high-purity alumina (HPA) project development with Alcoa Australia.

In addition, Mr Di Prinzio will be tasked with establishing safety parameters, quality control, and sustainability processes and control procedures.

Mr Di Prinzio brings a wealth of knowledge, having acquired over 30 years of experience in project development management, commissioning and operations management. This relates to a number of different project sizes, commodities and jurisdictions specialising in alumina and battery, as well as critical minerals.

Previously, Mr Di Prinzio’s most notable appointments included operations manager for the Kwinana Lithium Hydroxide plant at Tianqi Lithium. Furthermore, he also held the role of acting general manager in Engineering and Asset Management for Rio Tinto Limited (ASX: RIO), and global technology manager at Alcoa Aluminium.

FYI managing director, Roland Hill commented:

The appointment of Claudio to FYI’s executive management team, and the HPA joint development team, is key step in the company’s goal to guide the HPA project into production. Claudio will play an instrumental role in the project delivery team working in close collaboration with Alcoa. We view Claudio’s extensive experience in being invaluable to the project development.

About the FYI Resources share price

Over the past 12 months, FYI Resources have soared more than 120%, with year to date above 50%. The company’s share price reached an all-time high of 88.5 cents in early September before some profit-taking occurred.

Based on today’s price, FYI Resources presides a market capitalisation of roughly $137.2 million, with approximately 365.87 million shares outstanding.

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Motley Fool contributor Aaron Teboneras 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.

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