Pilbara Minerals scoops former Lynas chair Kathleen Conlon to lead board
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The news: West Australian lithium play Pilbara Minerals has appointed Kathleen Conlon to take the reins as chair from Anthony Kiernan when he steps down next year.
The numbers: Conlon has been appointed a non-executive director and will begin as chair when Kiernan steps down on 1 January 2024. Kiernan has chaired Pilbara Minerals' board since mid-2016. PLS shares were trading at $3.70 early in the session, after a steady decline from around $5.40 that began in August.
The context: Pilbara Minerals has been heavily shorted by hedge funds in recent months, as the miner's price tracked lower with the declining price of lithium, with some analysts warning of subdued demand and excess supply. Some institutional investors have been more optimistic and are buying up PLS at the current discount, with JP Morgan and AustralianSuper recently declaring increased stakes of 7.4% and 5.1% respectively.
The sources: ASX Announcement, ASX Announcement, ASX Announcement
