Core Lithium share price leaps 5% as industry veteran takes reins

Former Rio Tinto senior leader Gareth Manderson will take on the top job next week.

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Key points

  • The Core Lithium share price is lifting around 5% today to trade at $1.27 
  • Its gains come amid news the company has appointed a new CEO – Gareth Manderson 
  • It comes after the company's founding managing director Stephen Biggins handed in his resignation in March 

The Core Lithium Ltd (ASX: CXO) share price is leaping 6% after the company announced that it's appointed its first CEO.

Former Rio Tinto Limited (ASX: RIO) senior leader Gareth Manderson will take up the reins at the lithium developer on Monday.

The Core Lithium share price is trading at $1.27 on the back of the news. That's 4.96% higher than its previous close.

Let's take a closer look at what Manderson can offer the S&P/ASX 200 Index (ASX: XJO) lithium favourite.

Core Lithium unveils new boss

The Core Lithium share price is surging on news Manderson, who offers 28 years of experience in the mining and minerals sector, will take on the top job at the company next week.

It comes after the company's founding managing director Stephen Biggins announced his resignation in March.

Manderson was previously Rio Tinto's general manager in sustaining capital where he focused on the company's Pilbara operations.

He has also held senior leadership roles in Rio Tinto's aluminium division and management roles at Energy Resources Australia in the Northern Territory.

Core Lithium chair Greg English commented on Manderson's appointment, saying:

There are many synergies between Gareth's previous senior roles in managing complex mine, mineral processing, port, township, and logistics operations during his tenure at Rio Tinto and the Finniss Project.

Gareth's previous Northern Territory experience and managing the effects of the annual wet season will also be essential as we plan to be operating in this environment for years to come.

Manderson said he is "delighted" to have been offered the top job at "this vital time in the company's growth".

He will receive an annual base salary of around $693,000 before super, as well as both short and long term incentives.

Core Lithium share price snapshot

Today's gains included, the Core Lithium share price has doubled since the start of 2022.

The company's stock has lifted 102.4% since its first close of the year, which saw it trading at 63 cents.

It has also gained 298.4% since this time last year when it was worth just 32 cents.

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. 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 Scott Phillips.

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