The appointment of a key new executive is often seen as newsworthy and something that could have an effect on the stock as well. Yesterday, Western Magnesium Corporation (OTCMKTS:MLYF) was in the news after it made an announcement with regards to the fact that it had appointed an interim Chief Financial Officer in the form of Steve Thorlakson.
On Monday, MLYF stock slumped 3.38% to $0.1000 with more than 153.66K shares, compared to volume of 296.28K shares. The stock moved within a range of $0.0989 – 0.1047 after opening trade at $0.1020.
Western Magnesium Appoints Interim CFO
The appointment went into effect immediately. In this context, it is should be noted that Thorlakson had also been a member of the Western Magnesium Corporation for a long time and hence, he is expected to be fully aware about the operations of the company.
In addition to that, the company also noted that Thorlakson is a highly experienced executive, who has years of business and financial management experience under his belt. He has worked for more than thirty years in the construction and financial services industry and has a proven track record of success.
As it happens, he has been a member of the company’s board for more than ten years and back in 2016-17, he had actually served as the interim CFO as well. It now remains to be seen if the news leads to any movement in the company’s stock.
MLYF stock is trading above the 20-Day and 50-Day Moving averages of $0.11 and $0.13 respectively. However, the stock is trading below the 200-Day moving average of $0.0.26. The company has a total market capitalization of $45 million.