Chemours: senior management delayed payables, accelerated receivables to meet cash targets; material weaknesses expected

Chemours Co

Senior management placed on administrative leave for delaying vendor payments from Q4 2023 to Q1 2024 and accelerating receivables into Q4 2023 to meet free cash flow targets.
Audit Committee found violations of Code of Ethics for lack of transparency with Board; similar but lesser actions taken in Q4 2022.
Preliminary FY2023 unaudited results unaffected; cash and equivalents $1.8B ($1.2B unrestricted) as of Dec 31, 2023.
Company expects to report material weaknesses in internal control over financial reporting as of Dec 31, 2023, including tone at the top and hotline controls.
Anonymous hotline report not escalated to General Counsel or Audit Committee until year-end external audit process; inadequate controls identified.

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