The boardroom drama at Nickel 28 has reached new heights as co-founders Anthony Milewski, Jim Cochrane, and Scott Kearns were abruptly terminated amid allegations tied to a power struggle with major shareholder Pelham Investment Partners LP. In response, the trio denied the accusations and pointed fingers at Pelham for their sudden ouster.
The turmoil comes at a challenging time for the battery-metal industry, as demand for electric vehicles remains uncertain in key markets. For Milewski, this isn’t unfamiliar territory – his previous venture experienced a massive blow when cobalt prices crashed in 2018. Undeterred, he founded Nickel 28 to continue investing in the battery-metal sector, focusing on nickel and cobalt mining projects in various countries.
Pelham’s move to increase its ownership sparked tensions within the company, leading to the appointment of new directors with differing perspectives. The founders allege that the new directors conducted a biased investigation, resulting in their unlawful terminations and the withholding of compensation.
As the dispute escalates, a special committee has been formed to investigate the situation, including historical compensation arrangements and compliance with company policies. Meanwhile, Christopher Wallace will take over as interim CEO during this tumultuous period.
With the future of Nickel 28 uncertain, the founders have hinted at potential legal action if a resolution cannot be reached. The battle for control continues to unfold, shaping the company’s trajectory in the rapidly evolving battery-metal industry. (By Jacob Lorinc)
