Who is the new CEO of the Covalent lithium joint venture?

Stuart Macnaughton has been appointed as the new CEO of Covalent, Western Australia’s premier lithium operation. He is a former executive at Arafura Rare Earths (ASX:ARU) and brings three decades of global resources experience to the role, including past tenures at BHP (ASX:BHP) and Vale.

Who owns the Covalent joint venture?

Covalent is a high-profile critical minerals partnership equally owned by the Australian retail and industrial conglomerate Wesfarmers (ASX:WES) and the Chilean chemical giant SQM. Because it is a joint venture, developments at Covalent directly influence the critical minerals strategy and asset performance for both parent companies.

When does Stuart Macnaughton take full control at Covalent?

Stuart Macnaughton will formally join Covalent next month and is scheduled to take full operational control at the end of the year. This structured timeline follows the retirement of Wesfarmers veteran Ross Martelli, who spent nearly seven years building the integrated operation from the ground up.

Why does this executive change matter for Wesfarmers (ASX:WES) and SQM investors?

This transition brings in a leader with deep technical expertise at a pivotal moment for Covalent's flagship Mt Holland project. Managing a premier lithium asset requires navigating volatile commodity markets, making top-tier execution vital for the long-term earnings contribution to Wesfarmers (ASX:WES) and SQM.

What specific skills does Stuart Macnaughton bring to the Covalent joint venture?

Covalent Chairman Ian Hansen highlighted Macnaughton’s specialized expertise in hydrometallurgy and project development. This technical background is viewed by the board as essential for navigating the complex operational landscape of an integrated mine and refinery system.

Image for illustrative purposes only. Not a real photo.

Stuart Macnaughton appointed new Covalent CEO

Written by Heidi Cuthbert Published Jun. 2 2026

Western Australia’s premier lithium operation, the Covalent joint venture, has quietly finalised its next major leadership transition.

Stuart Macnaughton, a former executive at Arafura Rare Earths (ASX:ARU), has been appointed as the new CEO of the high-profile critical minerals partnership, which is equally owned by retail and industrial conglomerate Wesfarmers (ASX:WES) and Chilean chemical giant SQM.

The low-key appointment, which appeared on Covalent’s official website last week, will see Macnaughton formally join the company next month.

He is scheduled to take full control of the joint venture at the end of the year, following the retirement of Wesfarmers veteran Ross Martelli.

Macnaughton brings three decades of global resources experience to the role, including previous tenures with mining heavyweights BHP (ASX:BHP) and Vale.

Covalent Chairman Ian Hansen highlighted his specialised expertise in hydrometallurgy and project development, labelling him the logical successor to navigate the venture’s complex operational landscape.

Macnaughton takes the reins at a pivotal moment for the joint venture's flagship Mt Holland project.

Outgoing chief Ross Martelli, who spent nearly seven years building the integrated operation from the ground up, successfully guided the development of the mine site near Southern Cross and its corresponding refinery in Kwinana.