Chemicals company Chemours announced it placed its chief executive officer, chief financial officer, and principal accounting officer on leave pending completion of an internal review into potential material weaknesses in its internal control over financial reporting (ICFR).
The company announced the designations Wednesday, along with the appointments of Denise Dignam as interim CEO and Matt Abbott as interim CFO and principal financial and accounting officer. Chemours also disclosed a delay in the filing of its 2023 annual report as it is conducting its investigation.
The company’s board reached the decision to place CEO Mark Newman; Senior Vice President and CFO Jonathan Lock; and Vice President, Controller and Principal Accounting Officer Camela Wisel on administrative leave.
“We are fortunate to have two very experienced and capable leaders in our ranks to step up and fill these roles,” said Board Chair Dawn Farrell of Dignam and Abbott in a press release.
Chemours said its probe is covering its processes for reviewing reports made to its ethics hotline; its practices for managing working capital, including the related impact on metrics within its incentive plans; certain non-generally accepted accounting principles metrics included in filings made with the Securities and Exchange Commission or otherwise publicly released; and related disclosures. The company is evaluating potential material weaknesses in its ICFR regarding the effectiveness of its tone at the top and its communications processes.
The company said its audit committee is working with independent outside counsel as part of the review.
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