The Pilbara Minerals Ltd (ASX: PLS) share price is out of form on Monday.
In afternoon trade, the lithium miner's shares are down 3.5% to $3.58.
Why is the Pilbara Minerals share price falling?
There are a couple of pieces of news that could be weighing on this lithium giant's shares on Monday.
The first is news that the company's chair will be stepping down from the role at the end of next month.
According to the release, Anthony Kiernan AM will retire on 31 January after almost eight years in the role.
The good news is that it seems that the company has been planning for this for some time. That's because it has completed an externally led international search and found its next chair, Ms Kathleen Conlon.
Ms Conlon was most recently the chair of Lynas Rare Earths Ltd (ASX: LYC), and remains a non-executive director of Aristocrat Leisure Limited (ASX: ALL) and BlueScope Steel Limited (ASX: BSL).
Commenting on his exit and replacement, Kiernan said:
It has been an honour and a privilege to serve on the Board of Pilbara Minerals for over seven years as the Company transitioned from a developer to one of the world's leading lithium producers. However, the time is now right for Board renewal, and I am delighted that Kathleen, with her extensive executive and management experience, will be taking up the role as Chair in 2024
What else?
Also putting pressure on the Pilbara Minerals share price today has been a broker note out of Citi.
According to the note, the broker has downgraded the lithium miner's shares to a neutral rating with a reduced price target of $3.90.
Its analysts made the move after downgrading their lithium prices estimates materially for next year.
