Internal issues at Chemours

https://www.wdel.com/business/internal-issues-at-chemours/article_48029400-d6fa-11ee-b157-936c5df8ecde.html

Wilmington based Chemours says the company's CEO, CFO, and Controller, have all been placed on administrative leave.

President and Chief Executive Officer Mark Newman, Senior Vice President Chief Financial Officer Jonathan Lock, and Controller and Principal Accounting Officer Camela Wisel, are on leave pending an internal review being done by the Audit Committee of the Board of Directors with assistance from an outside firm.

In a release, Chemours said the scope of that review "includes the processes for reviewing reports made to the Chemours Ethics Hotline, the Company’s practices for managing working capital, including the related impact on metrics within the Company’s incentive plans, certain non-GAAP metrics included in filings made with the Securities and Exchange Commission or otherwise publicly released, and related disclosures."

The company made the announcement late Wednesday night, February 28, 2024, when it was supposed to issue its fourth quarter and full year 2023 financial results.

Chemours did release un-audited preliminary year end results, however it is delaying the filing of its annual 10-K report. The chemical company announced two weeks ago it needed more time to complete its year-end reporting process, and was evaluating its internal control over financial reporting.

The Board of Directors said Denise Dignam has been named as the Interim Chief Executive Officer and Matt Abbott as the Interim Chief Financial Officer. Chemours stock price (CC) fell over 40% at the opening bell on Wall Street Thursday morning.

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Chemical giant Chemours is in apparent tumult, as CEO and CFO are placed on leave

https://www.msn.com/en-us/money/companies/chemical-giant-chemours-is-in-apparent-tumult-as-ceo-and-cfo-are-placed-on-leave

Wilmington-based chemical giant The Chemours Co., a spinoff of the DuPont chemical empire, is in apparent tumult at the uppermost levels of management.

Three senior executive officers, including the CEO and chief financial officer, have been placed on leave, the company announced to investors Thursday morning.

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Chemours’s stock plunges on news that accounting issues are much worse than first thought

https://www.msn.com/en-us/money/companies/chemours-s-stock-plunges-on-news-that-accounting-issues-are-much-worse-than-first-though

Shares of Chemours Co. were suffering a record selloff Thursday as investors learned that the accounting issues they were made aware of two weeks ago were much worse than they had realized.

The issues were bad enough that the specialty materials and chemicals company said it placed its chief executive, chief financial officer and principal accounting officer on administrative leave pending an internal investigation into accounting practices and controls.

>DuPont empire