CFO quits within weeks as this ASX 200 stock keeps sliding. What on earth is going on?

IGO Ltd (ASX: IGO) shares are under pressure again on Wednesday, adding to a rough stretch for the lithium and nickel producer. At the time of writing, the IGO share price is down 1.49% to $7.38. Over the past week, the stock has fallen close to 20%, including a steep 17.92% drop last Friday after a disappointing quarterly update. The CFO, Johan van Vuuren, resigned effective immediately, just one month into the role. Both parties agreed the position was not a fit, and he is pursuing other opportunities. IGO has started interim arrangements for CFO cover and is searching for a permanent replacement. No broader strategy or operational changes were indicated. This follows a weak March quarter where group sales revenue rose 45% to $120 million, but underlying EBITDA was $119 million, and free cash flow was $36 million. Nova’s nickel and copper production rose, contributing $52 million in free cash flow, but Greenbushes production remained flat at 351,000 tonnes, with higher unit costs ($446 per tonne) and maintenance issues. IGO cut full-year production guidance for Greenbushes to between 1.375 million and 1.425 million tonnes. The lithium downstream business at Kwinana also struggled, producing only 3,047 tonnes at 51% capacity. Investors are focusing on operational stability at Greenbushes and Kwinana, with concerns over cost performance and utilisation. The CFO’s resignation, though not unprecedented, occurs at a critical juncture after a weak quarter, raising questions about investor sentiment.