Chemical company Chemours completes an internal review of its finances after suspending three top management officials.
Chemours says their Audit Committee of the Board of Directors completed the review with the help of independent outside counsel.
The review stems from a tip to the Chemours Ethics Hotline. It found some senior executives delayed certain payments and accelerated the collection of some receivables, in part to meet benchmarks the company communicated publicly, benchmarks that would be part of determining bonuses for executive officers.
Those senior executives – President and Chief Executive Officer Mark Newman, Senior Vice President and Chief Financial Officer Jonathan Lock, and Vice President, Controller and Principal Accounting Officer Camela Wisel – were placed on administrative leave last week.
Chemours’ statement Thursday notes they specifically “engaged in efforts in the fourth quarter of 2023 to delay payments to certain vendors that were originally due to be paid in the fourth quarter of 2023 until the first quarter of 2024, and to accelerate the collection of receivables into the fourth quarter of 2023 that were originally not…
