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Three executives, including CEO Mark Newman, have been placed on executive leave pending an "internal review."
After the news broke on February 29, the stock price hit a low of more than three years** 42%.
Company insiders are appointed interim CEO and CFO.
Chemours and its shareholders found themselves in a difficult position as three executives, including CEO Mark Newman, have been placed on executive leave[Learn more about 'plastics', 'engineering plastics', 'modified plastics' and other industry knowledge, massive material super physical property tables, super material selection cases, cost reduction and efficiency improvement solutions, welcome to enter the "plastic library network" to solve! and the fourth-quarter and full-year earnings reports have also been postponed. According to Reuters, Chemours shares fell to a more than three-year low as news broke on Feb. 29. 
To recap, the Chemours Board of Directors decided over the weekend to place Newman, Jonathan Lock, Senior Vice President and Chief Financial Officer, and Camela Wisl, Vice President, Chief Financial Officer and Chief Accounting Officer. "The furlough is pending the completion of the internal review... As of December 31, 2023, [and evaluation] of one or more potentially material deficiencies in internal controls over financial reporting," the company said in a press release published on its **. It also questioned "the 'high-level tone' set by certain members of senior management and the effectiveness of information and communication." The company's board of directors has appointed Denise Dignam as interim chief executive officer and Matt Abbott as interim chief financial officer (chief financial and accounting officer).
Michael Leithead, a Barclays analyst, told Reuters: "We think[Learn more about 'plastics', 'engineering plastics', 'modified plastics' and other industry knowledge, massive material super physical property tables, super material selection cases, cost reduction and efficiency improvement solutions, welcome to enter the "plastic library network" to solve! What many thought might have been a relatively minor accounting issue two weeks ago now appears to be more broad, longer and more impactful than the market initially thought. ”
According to Reuters, on Thursday, the company's shares were 42% to 16$58. Data from Seeking Alpha shows that they started on Friday**, recovering 56%。
The earnings report, originally scheduled for early February, was pushed back to February 28 and was further delayed as Chemours cleaned up its internal affairs. The new date has not yet been announced.
[Learn more about 'plastics', 'engineering plastics', 'modified plastics' and other industry knowledge, massive material super physical property tables, super material selection cases, cost reduction and efficiency improvement solutions, welcome to enter the "plastic library network" to solve! 】
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