The Board of Directors of The Chemours Company (“Chemours” or
“the Company”) (NYSE: CC) has appointed Denise Dignam as the
Interim Chief Executive Officer and Matt Abbott as the Interim
Chief Financial Officer (principal financial and accounting
officer).
Ms. Dignam joined Chemours in 2015 and has served as our
President – Titanium Technologies since March 2023 and previously
served as our President – Advanced Performance Materials from 2021
to 2023. She previously served as Vice President of Global
Operations – Fluoroproducts, from 2019 to 2021; Global Senior
Business Director – Fluoropolymers, from 2016 to 2019; and North
American Business Director – Diversified Technologies and
Industrial Resins, from 2015 to 2016. Previously, she worked at
E.I. du Pont de Nemours and Company (“EID”) in various roles,
including Director of Global Supply Chain – Fluoroproducts, from
2013 to 2014; Global Business Manager of Sulfur Products, from 2009
to 2013; and Global Sales Manager of Clean Technologies from 2007
to 2009. Ms. Dignam joined EID in 1988 as a design engineer.
Mr. Abbott has served as our Senior Vice President & Chief
Enterprise Transformation Officer, with responsibility for
Enterprise Capital Projects and Engineering Technology, Information
Technology, Cyber Security, Digital and Data Analytics, and
Procurement, since June 2023. Mr. Abbott previously served as
Chemours’ Vice President, Digital and Data Analytics Leader from
2021 to 2023 where he was central to designing digital strategies
to accelerate Chemours’ journey to becoming a data-driven
organization. Past roles at Chemours included Vice President, Chief
Accounting Officer and Controller from 2019 to 2021; and Vice
President and Chief Audit Executive from 2017 to 2019. Prior to
joining Chemours, Mr. Abbott was a Partner at
PricewaterhouseCoopers LLP (“PwC”) for five years, with nearly
twenty total years of experience serving PwC’s industrial products
and high-technology clients.
Chair of the Board, Dawn Farrell said “We are fortunate to have
two very experienced and capable leaders in our ranks to step up
and fill these roles. Denise is highly regarded by the Board of
Directors for the work she’s done in leading both of our Titanium
Technologies and Advanced Performance Materials businesses. These
businesses combined were more than 68% of our Net Sales in
2023.”
Chair Farrell continued “Matt Abbott has held senior officer
roles in operational, accounting and internal audit areas during
his time at Chemours. The Board has confidence in his extensive
knowledge of our company and his prior experience as an audit
partner with PwC make him the clear choice.”
These management actions follow the decision of the Board of
Directors of Chemours to place 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 on administrative leave.
Mr. Newman’s, Mr. Lock’s and Ms. Wisel’s leave is pending the
completion of an internal review being overseen by the Audit
Committee of the Board of Directors with the assistance of
independent outside counsel, which scope includes the processes for
reviewing reports made to the Chemours Ethics Hotline, the
Company’s practices for managing working capital, including the
related impact on metrics within the Company’s incentive plans,
certain non-GAAP metrics included in filings made with the
Securities and Exchange Commission or otherwise publicly released,
and related disclosures. As a result, the Company is evaluating one
or more potential material weaknesses in its internal control over
financial reporting as of December 31, 2023 with respect to
maintaining effective controls related to the control environment,
including the effectiveness of the “tone at the top” set by certain
members of senior management and information and communication
components of the COSO internal control framework. The Audit
Committee is working with independent outside counsel to complete
the review expeditiously, and the Company expects to report on any
material weaknesses as of December 31, 2023 and its related
remediation efforts in its Annual Report on Form 10-K.
Fourth Quarter 2023 Earnings and Form 10-K Update
The Company previously stated that it expected to issue its
fourth quarter and full year 2023 financial results after market
close on February 28, 2024, and to file its Annual Report on Form
10-K for the year ended December 31, 2023 on February 29, 2024. The
Company needs additional time to complete its year-end reporting
process, including its review of internal control over financial
reporting as of December 31, 2023, and for the Audit Committee of
the Board of Directors to complete the internal review described
above. As a result, the Company will delay its earnings release and
conference call relating to fourth quarter and full year 2023
financial results, as well as the filing of its Annual Report on
Form 10-K for the year ended December 31, 2023. In connection with
this delay, the Company will file a Form 12b-25 with the Securities
and Exchange Commission. The Company will issue a subsequent press
release to announce the date and time of its fourth quarter
conference call once the filing date of its Annual Report on Form
10-K is confirmed.
2023 Unaudited Preliminary Year-End Results
Set forth below are select unaudited preliminary estimates of
operating results and other financial measures as of and for the
year ended December 31, 2023, together for comparison purposes with
the same information as previously reported as of and for the year
ended December 31, 2022.
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. The estimated net
loss for the year ended December 31, 2023 includes $746 million of
pre-tax litigation settlements and $153 million of restructuring,
asset-related, and other charges, offset by a $106 million net
pre-tax gain associated with the 2023 sale of the Glycolic Acid
business.
At December 31, 2023, the Company maintained cash and cash
equivalents of $1.2 billion. And also have restricted cash and
restricted cash equivalents of $604 million primarily relating to
the U.S. public water district settlement. This compares to $1.1
billion at December 31, 2022, excluding restricted cash and
restricted cash equivalents of $202 million relating to the escrow
account established pursuant to the 2021 Memorandum of
Understanding with DuPont de Nemours, Inc., Corteva, Inc. and EIDP,
Inc. At December 31, 2023, the Company maintained $0.9 billion of
revolving credit facility capacity, net of outstanding letters of
credit, compared to $0.8 billion at December 31, 2022.
All financial results as of and for the year ended December 31,
2023, are preliminary, are based upon estimates which the Company
believes are reasonable, are unaudited by the Company’s independent
registered public accounting firm, and may be subject to change
after the completion of the year-end reporting process and will not
be final until the Company files its audited financial statements
in its Annual Report on Form 10-K. Accordingly, undue reliance
should not be placed on this preliminary data.
About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in Titanium
Technologies, Thermal & Specialized Solutions, and Advanced
Performance Materials providing its customers with solutions in a
wide range of industries with market-defining products, application
expertise and chemistry-based innovations. We deliver customized
solutions with a wide range of industrial and specialty chemicals
products for markets, including coatings, plastics, refrigeration
and air conditioning, transportation, semiconductor and consumer
electronics, general industrial, and oil and gas. Our flagship
products are sold under prominent brands such as Ti-Pure™, Opteon™,
Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has
approximately 6,200 employees and 28 manufacturing sites serving
approximately 2,700 customers in approximately 110 countries.
Chemours is headquartered in Wilmington, Delaware and is listed on
the NYSE under the symbol CC. For more information, we invite you
to visit chemours.com or follow us on X (formerly Twitter)
@Chemours or on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements, within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which involve
risks and uncertainties. Forward-looking statements provide current
expectations of future events based on certain assumptions and
include any statement that does not directly relate to a historical
or current fact. The words "believe," "expect," "will,"
"anticipate," "plan," "estimate," "target," "project" and similar
expressions, among others, generally identify "forward-looking
statements," which speak only as of the date such statements were
made. All forward-looking statements are subject to risks and
uncertainties. These risks include the timing and completion of the
Audit Committee review and any results thereof; changes to the
Company’s expected fourth quarter 2023 results; the timing and
completion of the Company’s reporting of its 2023 results;
completing the assessment of internal control over financial
reporting and filing required reports with the Securities and
Exchange Commission; remediating any material weaknesses in
internal control over financial reporting; the impact of this
announcement on the price of our common stock and our relationships
with investors, employees, suppliers, lenders and other parties.
Other risks and uncertainties include, among other things, the
outcome or resolution of any pending or future environmental
liabilities, the commencement, outcome or resolution of any
regulatory inquiry, investigation or proceeding, the initiation,
outcome or settlement of any litigation, changes in environmental
regulations in the U.S. or other jurisdictions that affect demand
for or adoption of our products, anticipated future operating and
financial performance for our segments individually and our company
as a whole, business plans, prospects, targets, goals and
commitments, capital investments and projects and target capital
expenditures, plans for dividends or share repurchases, sufficiency
or longevity of intellectual property protection, cost reductions
or savings targets, plans to increase profitability and growth, our
ability to make acquisitions, integrate acquired businesses or
assets into our operations, and achieve anticipated synergies or
cost savings, all of which are subject to substantial risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. Forward-looking
statements are based on certain assumptions and expectations of
future events that may not be accurate or realized, such as full
year guidance relying on models based upon management assumptions
regarding future events that are inherently uncertain. These
statements are not guarantees of future performance.
Forward-looking statements also involve risks and uncertainties
that are beyond Chemours' control. Matters outside our control,
including general economic conditions, geopolitical conditions and
global health events, have affected or may affect our business and
operations and may or may continue to hinder our ability to provide
goods and services to customers, cause disruptions in our supply
chains such as through strikes, labor disruptions or other events,
adversely affect our business partners, significantly reduce the
demand for our products, adversely affect the health and welfare of
our personnel or cause other unpredictable events. Additionally,
there may be other risks and uncertainties that Chemours is unable
to identify at this time or that Chemours does not currently expect
to have a material impact on its business. Factors that could cause
or contribute to these differences include the risks, uncertainties
and other factors discussed in our filings with the U.S. Securities
and Exchange Commission, including in our Annual Report on Form
10-K for the year ended December 31, 2022 and our Quarterly Report
on Form 10-Q for the quarter ended September 30, 2023. Chemours
assumes no obligation to revise or update any forward-looking
statement for any reason, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240228839802/en/
INVESTORS Brandon Ontjes VP, Financial Planning &
Analysis and Investor Relations +1.302.773.3300
investor@chemours.com Kurt Bonner, Manager, Investor Relations
+1.302.773.0026 investor@chemours.com NEWS MEDIA Thom Sueta
Director, Corporate Communications +1.302.773.3903
media@chemours.com Cassie Olszewski Sr. Manager, Media Relations
& Corporate Reputation +1.302.219.7140 media@chemours.com
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