Shares of Mineral Resources Ltd (ASX:MIN) plunged 5.08% during Monday's trading session following the announcement of a major leadership change. The Australian lithium miner revealed that Malcolm Bundey would be taking over as non-executive chair, replacing James McClements, who is stepping down after a decade in the role.

The appointment comes as part of a significant governance overhaul at Mineral Resources. The company is attempting to rebuild its reputation in the wake of scandals associated with its founder and Managing Director, Chris Ellison, as well as a series of board departures. This shake-up has evidently unsettled investors, leading to the sharp decline in stock price.

Bundey, currently serving as deputy chair of Brickworks Limited (ASX:BKW), will join MinRes as a non-executive director immediately and assume the chair position on July 1, 2025. The company stated that the process to appoint additional non-executive directors has begun, with Bundey expected to play a key role in the recruitment process and the ultimate board constitution. While this move may be aimed at strengthening corporate governance, the market's initial reaction suggests concerns about the company's future direction under the new leadership.