Vulcan Energy Names New Chair as Construction Phase Demands Stronger Governance
Key Takeaways
- Angus Barker has been appointed Non-Executive Chair of Vulcan Energy Resources effective 12 September 2026, stepping up from Lead Independent Director and Deputy Chair — a role he has held since 1 January 2025.
- Barker was directly involved in securing €1.2 billion of the €2.2 billion Project Lionheart financing, making this an internal promotion rather than an outside appointment.
- Founder Dr Francis Wedin transitions from Executive Chair to a dedicated Founder consultancy role focused on Vulcan's geothermal and lithium resource pipeline and the VULTEC technology division — he is not leaving the business.
- Project Lionheart construction is already under way following a positive final investment decision, with offtake agreements contracted and the full €2.2 billion financing secured.
- The governance shift to an independent chair structure signals institutional maturity as Vulcan moves from development into active project execution, a transition designed to reduce perceived execution risk for investors.
A planned transition as Vulcan enters its construction phase
On 10 September 2026, Vulcan Energy Resources (ASX: VUL) announced a board succession consistent with its long-term governance plan. Mr Angus Barker has been appointed Non-Executive Chair, effective 12 September 2026, stepping up from his previous role as Lead Independent Director and Deputy Chair.
Alongside this appointment, Dr Francis Wedin transitions from Executive Chair into a dedicated Founder consultancy role. With Project Lionheart financed and construction under way, the board determined this the appropriate moment to shift toward a more traditional governance structure for the execution phase ahead.
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Who is Angus Barker?
Barker brings more than 30 years of professional experience across corporate finance, mergers and acquisitions, capital markets, and strategic advisory. His credentials include:
- Senior executive roles at Bank of America Merrill Lynch, Deutsche Bank, and UBS across Australia, the United Kingdom, and Asia
- Sector expertise spanning natural resources, financial services, infrastructure, and technology
- Senior adviser to Australian Federal Government ministers across portfolios including superannuation, financial services, the digital economy, trade, export finance, and foreign investment
- A key advisory role assisting Vulcan to secure €1.2 billion of public-backed debt, equity, and grant funding as part of the €2.2 billion Project Lionheart financing
- Joined the Vulcan Board on 13 September 2024, appointed Lead Independent Director and Deputy Chair on 1 January 2025
- Chairs the People and Performance and Nomination Committees; member of the Audit, Risk and ESG Committee
His direct involvement in the Lionheart financing makes this appointment a continuation of existing engagement rather than the arrival of an outside figure.
Dr Wedin’s legacy and new Founder role
Dr Francis Wedin founded Vulcan in 2018, leading it from a start-up to one of Australia and Europe’s leading integrated lithium and geothermal developers. He served as Managing Director and CEO until 2023, then continued as Executive Chair alongside CEO Cris Moreno.
Germany’s first lithium production permit, secured by Vulcan ahead of the final investment decision, was a foundational regulatory milestone that enabled the Lionheart financing and set the construction timeline now driving this board restructure.
In his new Founder consultancy role, Dr Wedin will focus on Vulcan’s geothermal and lithium resource pipeline and the VULTEC technology division. This is a redirection of effort, not an exit from the business.
Angus Barker, incoming Non-Executive Chair
“…Francis has been pivotal in guiding the Company through a transformational period, including its successful €2.2 billion Lionheart financing and the commencement of project construction. I have no doubt Francis will continue to play a key part in Vulcan’s evolution and drive value creation in the years to come in his new dedicated Founder role.”
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What this means for Vulcan’s next phase
Board composition matters at this stage because it signals institutional maturity. A company transitioning from founder-led development into active project construction typically adopts a more conventional governance structure, with an independent chair providing oversight alongside executive management. That is precisely what Vulcan is implementing.
The board now comprises Non-Executive Chair Barker, Managing Director and CEO Cris Moreno, and Executive Director and Group CFO Felicity Gooding, alongside the wider executive team. For investors, structured governance at this stage reduces perceived execution risk as the company scales toward production.
What hasn’t changed is equally important:
- Lionheart construction continues, with a positive final investment decision already made and work under way
- Offtake agreements remain contracted
- Dr Wedin stays involved, focusing on the geothermal and lithium resource pipeline and VULTEC
Lionheart construction in Landau represents the physical milestone that made this governance transition timely, with Vulcan having broken ground on the geothermal power plant after securing its full €2.2 billion project financing.
The governance structure is catching up to where the project already is.
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