Covalent Lithium CEO retirement and appointment
The Covalent Board today announced the appointment of a new Chief Executive Officer, Stuart Macnaughton, to succeed Ross Martelli who will retire at the end of the year.
Mr Macnaughton is a highly experienced mining and downstream processing executive, with three decades of experience across global resources operations and development projects.
He will join Covalent Lithium on 1 July 2026 with a long career leading complex mining and refining operations around the world. He has particular experience in critical minerals, base metals and hydrometallurgy.
Covalent Chairperson Ian Hansen said Mr Macnaughton’s project development skills and operational expertise in running large-scale resource operations made him a logical successor to Mr Martelli.
“Stuart is a proven leader with a strong track record supporting multinational workforces through complex operational and external conditions, while improving performance, safety and long-term sustainability,” Mr Hansen said. “We are confident his values-based performance focus will position Covalent strongly for the future.”
Mr Hansen also thanked Mr Martelli for his significant contribution to Covalent and the Wesfarmers Chemicals, Energy and Fertilisers division, where Mr Martelli has held roles for almost 45 years.
“From early project development through to the successful delivery of the Mt Holland mine and concentrator, as well as the construction and commissioning of the Kwinana refinery, Ross’ knowledge and insights have been instrumental in guiding project delivery and operations at each stage,” Mr Hansen said.
“Ross has left an indelible mark on Covalent and will depart with the gratitude and best wishes of Covalent; joint venture partners SQM and Wesfarmers; and the broader team.”
Mr Martelli said he was extremely proud of what the team had been able to achieve over the past seven years at Covalent.
“It is not often you have the opportunity to build an integrated operation from the ground up, end-to-end. It has been a significant undertaking and a rewarding one,” Mr Martelli said. “The business is in a solid operating position, with a clear path forward and a strong foundation in place for future growth.”
Mr Martelli has led Covalent from project inception through to the successful development of the Mt Holland mine and concentrator and the Kwinana lithium hydroxide refinery – establishing a fully integrated lithium operation in Western Australia.
The Mt Holland operation has progressed through commissioning and ramp-up and is currently achieving nameplate capacity with reliable performance. The Kwinana refinery achieved first lithium hydroxide product in July 2025 and continues to progress through its ramp-up.
To ensure operational continuity at Covalent, a transition period is scheduled until Mr Martelli retires later in the year.
Media enquiries: corporateaffairs@covalentlithium.com