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Investing.com -- Largo Inc. (TSX:LGO) (NASDAQ:LGO) stock tumbled 10.5% Thursday following the announcement of significant leadership changes as the vanadium producer navigates through financial difficulties.
The company appointed J. Alberto Arias and Daniel Tellechea as co-Chief Executive Officers effective immediately, with Arias also transitioning to Executive Chairman. Additionally, Diogo Silva will replace David Harris as Chief Financial Officer effective December 5, 2025, after Harris’s decade-long tenure with the company.
The management shakeup comes as Largo faces multiple challenges, including extended low vanadium prices, U.S. tariff impacts, and liquidity constraints. The company indicated the new leadership will focus on cost reduction, revenue diversification, and debt refinancing efforts.
Arias, who represents the company’s largest shareholder with approximately 37.9% ownership through funds he manages, has been invested in Largo since 2010 and joined its board in 2011. Silva, the incoming CFO, currently serves as Finance Director of Largo’s subsidiary and has been involved in negotiations with lenders to defer debt principal payments until September 2026.
In his statement, Arias highlighted Largo’s strategic importance in the vanadium supply chain for Western nations, noting that "approximately 80% of world’s vanadium supply is produced in China and Russia." He also acknowledged Tellechea’s efforts in reducing operating costs during challenging market conditions.
Largo describes itself as one of the world’s largest primary vanadium producers, with operations facing headwinds from market conditions and financial pressures that have necessitated the leadership restructuring.
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