Chemours places CEO and CFO on leave; internal review finds potential material weaknesses; delays 10-K

Chemours Co

CEO Mark Newman, CFO Jonathan Lock, Controller Camela Wisel placed on administrative leave pending internal review.
Interim CEO Denise Dignam appointed; Interim CFO Matt Abbott appointed.
Internal review includes ethics hotline, working capital practices, non-GAAP metrics; evaluating potential material weaknesses in internal control.
Company delays Q4 2023 earnings release and 10-K filing; will file NT 12b-25.
Preliminary 2023 net sales ~$6.0B (down 12% YoY); net loss $225-235M vs $578M net income in 2022.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Chemours Co reported year ended December 31, 2023 results: revenue approximately $6.0 billion, net income within a range of $(225) million to $(235) million.

Period: year ended December 31, 2023
Revenue: approximately $6.0 billion
Net income: within a range of $(225) million to $(235) million
Result: preliminary results

Exact text from the filing

The Company expects to report net sales of approximately $6.0 billion for the year ended December 31, 2023, compared to net sales of $6.8 billion for the year ended December 31, 2022. The expected decrease was primarily attributable to lower volumes in Titanium Technologies and in Advanced Performance Materials’ Advanced Materials portfolio, partially offset by increased pricing and volumes in Thermal & Specialized Solutions. The Company expects to report net loss attributable to Chemours for the year ended December 31, 2023 within a range of $(225) million to $(235) million, compared to net income attributable to Chemours for the year ended December 31, 2022 of $578 million.

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Chemours Co filing history →

Source: SEC EDGAR

accession 0001193125-24-051940

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