Sayona Mining share price lifts off on new CEO appointment

Sayona Mining is under new leadership, effective immediately.

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The Sayona Mining Ltd (ASX: SYA) share price is lifting off today.

Shares in the S&P/ASX 300 Index (ASX: XKO) lithium stock closed yesterday trading for 3.4 cents. In morning trade on Wednesday, shares are swapping hands for 3.5 cents apiece, up 2.9%.

For some context, the ASX 300 is up 0.2% at this same time.

Here's what's happening.

New leadership for ASX lithium miner

The Sayona Mining share price is marching higher after the North American lithium producer announced that Lucas Dow will take over as managing director and CEO as of today, 3 July.

Lucas is a relative newcomer to Sayona Mining, having joined the board only back in February.

He'll take over from interim CEO James Brown, who will remain executive director until 31 January 2025 to facilitate the handover and ensure business continuity.

Dow is a mining engineer with extensive executive and hands-on operational experience in mining and renewable energy.

Commenting on his appointment, which is boosting the Sayona share price today, he said, "I am thrilled to lead a company with such outstanding potential."

 Dow added:

Sayona is fortunate to have multiple emerging tier one assets including North American Lithium (NAL) and Moblan, which will underpin the success of the business into the future.

Commenting on the successful ramp-up of NAL, Dow said:

The operation is now delivering industry leading results for plant utilisation and recovery both of which are a testament to the commitment and leadership of James and the operational team in Quebec.

Interim CEO Brown said, "The board is pleased to appoint Lucas as the MD & CEO to lead Sayona through the next stages of the company's development."

Brown continued:

We are fortunate to have secured someone with such extensive technical and corporate experience. I am confident that under Lucas' leadership, Sayona will further enhance its market position with a dynamic future and a steadfast commitment to excellence in the lithium sector.

Separately, Sylvain Collard was appointed president and COO of Sayona's Canada operations. Collard joined Sayona in 2022 and is a specialist in mine project management for both open pit and underground mines.

Commenting on that appointment, Brown said:

With extensive experience in mine project management and operations across diverse environments, including significant roles at IAMGOLD and various mining projects in Canada and abroad, Sylvain is ideally positioned to lead our strategic initiatives in Québec and drive continued growth and excellence.

Sayona Mining share price snapshot

If you look back to the chart up top, you'll see the rather dismal year Sayona has faced amid cratering lithium prices. That rout sees the Sayona Mining share price down 79% over 12 months.

Motley Fool contributor Bernd Struben 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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