Chemours has placed its most senior executives on administrative leave pending the completion of an internal review.
Chemours has placed its president and CEO Mark Newman, CFO Jonathan Lock and principal accounting officer Camela Wisel on leave and delayed its fourth quarter and full year 2023 financial results.
The review will be overseen by the Audit Committee of the Board of Directors with the assistance of independent outside counsel.
In a statement, Chemours said: “The company is evaluating one or more potential material weaknesses in its internal control over financial reporting as of 31 December, 2023 with respect to maintaining effective controls related to the control environment, including the effectiveness of the “tone at the top” set by certain members of senior management and information and communication components of the COSO internal control framework.”
The Audit Committee is working with independent outside counsel to complete the review expeditiously, and the company expects to report on any material weaknesses as of 31 December, 2023 and its related remediation efforts in its Annual Report on Form 10-K.
The Board of Directors has appointed Denise Dignam as the Interim Chief Executive Officer and Matt Abbott as the Interim Chief Financial Officer (principal financial and accounting officer).
Chemours had previously stated that it expected to issue its fourth quarter and full year 2023 financial results after market close on 28 February, 2024, and to file its Annual Report on Form 10-K for the year ended 31 December, 2023 on 29 February, 2024.
The company will announce the date and time of its fourth quarter conference call once the filing date of its Annual Report on Form 10-K is confirmed.