Lynch leaves Sayona as thorough review of direction ordered
Brisbane lithium company Sayona has lost its managing director Brett Lynch who resigned with immediate effect for personal reasons.
Sayona's Brett Lynch with drill cores (Photo: Sayona)
It follows an announcement of a corporate governance revamp and the search for new directors, including a new chair.
Sayona said it would now “undertake a thorough review of operations and strategic direction”.
It also said non-executive director James Brown would step in as interim chief executive to guide the company’s operations and its board restructure.
It has also appointed lawyer Phillip Lucas to the board.
The shake-up at the company comes as its North American Lithium project in Quebec, Canada, entered its production phase and delivered its first shipment of spodumene to the international market.
But the company’s share price is down 34 per cent from the start of the year and it faced an investor backlash over the granting of 10 million shares to Lynch and company secretary Paul Crawford.
Sayona shares were down 20 per cent today.
The company notified the ASX that Lynch would leave with 175 million shares in the company.
