Why did Lake Resources stock price outperform on Wednesday?


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The Lake NL Resources (ASX: LKE) The stock price is in the green this morning after the company announced the appointment of its new CEO and Managing Director.

The lithium developer will welcome its new boss, industry veteran David Dickson, later this month.

Lake Resources’ stock price is $1.24 at the time of writing, 2.9% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX:XJO) is down 1.39% right now. Meanwhile, the lithium stock is the only winner on the S&P/ASX 200 Materials Index (ASX: XMJ) until today. The sector is currently down 1.91%.

Let’s take a closer look at today’s news from the ASX 200 lithium hopeful.

Lake Resources shares rise as new CEO is revealed

The Lake Resources share price floats above a sea of ​​red in its home sector today following the announcement of its next leader. Dickson is expected to take over the company later this month.

He has over 30 years of experience in process technology, engineering, construction and EPC [engineering, procurement and construction] cost management in the energy sector, as well as a track record of delivering multi-billion dollar resource projects.

He is also currently Senior Advisor to private equity firm Quantum Energy Partners and Executive Strategic Advisor to strategic investment firm The Chatterjee Group.

Dickson previously ran a global engineering and construction company McDermott International for seven years, leaving in 2021. Before that, he was the president of Technip UNITED STATES.

He has signed a contract with Lake Resources, effective next Thursday, after six months of the company’s search for its next boss.

It expects this appointment to support its growth and accelerate its operations in North and South America.

Speaking on Dickson’s appointment, Lake Resources Executive Chairman Stuart Crow said:

David combines proven leadership and engineering expertise with a deep strategic understanding of buyer and investor perspectives on energy supply chains.

David knows all the major oil services and EPCM contractors looking to grow in the renewable economy…including companies proficient in environmentally friendly drilling and re-injection – a key to large-scale Lake expansion.

Dickson also commented on his nomination saying:

Lake Resources has the opportunity to set a new global standard for producing clean, high-purity lithium at speed and scale, at a time when demand for lithium is rapidly increasing.

Being part of the global energy transition and bringing crucial new technology to large-scale lithium production is a huge privilege.

Lake Resources Stock Price Overview

Lake Resources stock price has outperformed lately.

It has gained 13% since the start of 2022. It is also trading 128% higher than at the same time last year.

For comparison, the ASX 200 has lost 11% since the start of the year and 10% over the past 12 months.


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