The Delta Lithium Ltd (ASX: DLI) share price is having a strong session on Tuesday.
In early trade, the ASX lithium share jumped as much as 11% to 77 cents.
Why is this ASX lithium share jumping?
Investors have been scrambling to buy this lithium explorer's shares this morning after it announced a major board change.
According to the release, the company has appointed Mineral Resources Ltd (ASX: MIN) founder and CEO, Chris Ellison, as its new non-executive chair with immediate effect.
Ellison will be joined by fellow Mineral Resources lithium executive, Josh Thurlow, who joins as non-executive director.
Following the appointment of Ellison and Thurlow, the ASX lithium share's board has decided to split the roles of chair and chief executive and remove the role of executive chairman. This has seen executive chairman David Flanagan leave the company today. James Croser will act as interim CEO and managing director until an appointment is made.
The release also notes that Mineral Resources has increased its holding in Delta Lithium to 17.44%, making it the company's largest shareholder.
'Significant potential'
Commenting on his appointment, Ellison said:
I am pleased to join the Board of Delta Lithium as the Non-Executive Chairman. MinRes has been watching the assets at both Mt Ida and Yinnetharra and the Delta team has done a remarkable job in defining and growing them in a short period of time. We think there is significant potential yet to be uncovered and we are excited about what co-operation between our two businesses can yield. Both Josh and I are eager to start working with the team to explore these opportunities for the benefit of all shareholders.
The ASX lithium share's board advised that it will look for opportunities to leverage the experience and resources at the disposal of Mineral Resources to drive value for Delta shareholders. This includes exploration, approvals, mine optimisation, supply chain logistics, project design and construction, process engineering as well as product marketing and export pathways.
