IGO Ltd (ASX: IGO) shares are under pressure again on Wednesday, adding to what has already been a rough stretch for the lithium and nickel producer.
At the time of writing, the IGO share price is down 1.49% to $7.38.
Over the past week, the stock has fallen close to 20%, including a steep 17.92% drop last Friday after a disappointing quarterly update.
Now, investors have another update to process.
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CFO exits less than a month into the job
Before the market opened today, IGO confirmed that Chief Financial Officer Johan van Vuuren had resigned, effective immediately.
That is a very quick turnaround, given he only stepped into the role on April 1.
According to the company, both parties agreed the position was not the right fit, with van Vuuren set to pursue other opportunities.
IGO said it has started arrangements for interim CFO cover and will begin the process of finding a permanent replacement.
There was no indication of broader changes to strategy or operations, though the timing stands out given what has just played out.
This comes straight after a weak quarter
The resignation lands just days after IGO's March quarter result, which triggered a sharp sell-off.
The company reported group sales revenue of $120 million, up 45%, with underlying EBITDA of $119 million and free cash flow of $36 million.
While Nova delivered solid production and cash flow, the same could not be said across the rest of the portfolio.
At Nova, nickel production rose 11% to 4,202 tonnes and copper lifted 7% to 1,907 tonnes, helping drive $52 million in free cash flow for the quarter.
Greenbushes was a key weak spot. Production came in flat at 351,000 tonnes, while lower grades, recoveries, and maintenance issues weighed on performance.
Costs also moved higher, with unit costs rising about 20% to $446 per tonne.
At the same time, IGO cut its full-year production guidance for Greenbushes to between 1.375 million and 1.425 million tonnes.
Furthermore, management noted that the lithium downstream business at Kwinana continues to struggle. Production came in at 3,047 tonnes, with the plant running at just 51% of nameplate capacity.
What investors are focusing on now
This latest management change gives the market something else to weigh up.
On its own, a CFO exit does not always move the dial. But the timing, just weeks into the role and straight after a weak result, raises some serious questions.
Nonetheless, the bigger focus is still on operations.
Greenbushes needs to stabilise, and Kwinana needs to lift utilisation and improve cost performance.
Until that happens, it is hard to see investor sentiment shifting much.
