Mid Cap Stocks

Pilbara Minerals (ASX:PLS) Shares Fall as CFO Luke Bortoli Departs Amid Lithium Market Pressure

Wed 04 Jun 25, 02:05 AM |

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Highlights

Pilbara Minerals Ltd (ASX: PLS) continued to face pressure in its share price on Tuesday, trading around AUD 1.13 as the company announced the departure of Chief Financial Officer Luke Bortoli. Bortoli, who joined Pilbara Minerals in early 2023 after serving as CFO at Afterpay, will remain during a transition period to ensure an orderly handover before pursuing other opportunities.

During his tenure, Bortoli contributed to securing an AUD 1 billion Revolving Credit Facility and supported the acquisition of Latin Resources, among other strategic initiatives. The company has commenced a formal search for a new CFO.

The share price decline reflects ongoing challenges in the lithium market, with Pilbara Minerals shares down almost 80% from their 2023 peak of approximately AUD5.37. The drop is largely attributed to falling lithium prices amid a global oversupply, with spodumene prices hitting four-year lows.

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