Wilmington-based chemical company Chemours places its CEO and CFO on leave and appoints two others in the interim.
Chemours announced Thursday the Board of Directors is placing President and Chief Executive Officer Mark Newman, Senior Vice President and Chief Financial Officer Jonathan Lock and Vice President, Controller and Principal Accounting Officer Camela Wisel on administrative leave.
That leave is pending completion of an internal review, Chemours says, which includes reviewing reports made to the Chemours Ethics Hotline and the company’s practices for managing working capital.
The Company adds it is evaluating potential material weaknesses in its internal control over financial reporting and the effectiveness of the “tone at the top” set by certain members of senior management.
Chemours failed to release fourth quarter and full year 2023 financial results Wednesday and file its Annual Report Thursday, due to the internal review.
The company’s unaudited net sales dropped by $800,000 from 2022 to 2023 and it expects a net loss of $225 to $235 million, compared to a net income of $578 million in 2022.
Denise Dignam, former President of Titanium Technologies and Advanced Performance Materials, is named Interim CEO, and Matt Abbott, former Senior Vice President & Chief Enterprise Transformation Officer, is the Interim CFO.
