The Novonix Ltd (ASX: NVX) share price has continued its slide on Thursday.
In afternoon trade, the battery materials technology company's shares are down 4% to a three-year low of 85 cents.
This is despite the company releasing an update on a new addition to its board this morning.
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What did Novonix announce?
According to the release, Novonix has appointed Suresh Vaidyanathan, Vice President, Emerging Energy for Phillips 66 (NYSE: PSX) to its board of directors.
Phillips 66 is the company's largest shareholder with a 16% stake. As part of its investment, it is allowed to nominate a member of the board.
The release notes that Vaidyanathan is replacing outgoing board member Zhanna Golodryga, who is also from Phillips 66.
Commenting on the appointment, Novonix chair, Robert J. Natter, said:
It gives me great pleasure to announce the appointment of Suresh Vaidyanathan to NOVONIX's Board of Directors. Mr. Vaidyanathan brings a wealth of relevant and valuable energy industry knowledge from his time working with large industrial projects in India, Europe, and the United States.
His contributions to our Board will lend a critical perspective that will aid us in meeting our planned goals to enhance shareholder value. I would also like to thank Ms. Golodryga for her outstanding service on NOVONIX's Board of Directors. Her contributions have positioned us to take steps to further our company's vision.
The Novonix share price is now down 59% over the last 12 months.
Unfortunately for Phillips 66, it paid an average of US$1.92 per share when making its investment in 2021. Those shares are now worth approximately 54 US cents each.
