Chemours places CEO Newman, CFO Lock on leave pending review; delays 10-K filing

Chemours Corporation, a chemical manufacturing company based in Wilmington, Delaware, has announced that it has placed its CEO, Mark Newman, and CFO, David Lock, on leave pending review. The company also disclosed that it is delaying the filing of its 10-K annual report with the Securities and Exchange Commission (SEC).

According to a press release issued by Chemours, the decision to place Newman and Lock on leave was made by the board of directors following an investigation into certain matters related to the company's financial reporting. The investigation was initiated in response to concerns raised by external auditors and is ongoing.

The delay in the filing of the 10-K report is expected to be material, with Chemours stating that it may not be able to file its annual report until after the first quarter of 2023. The company also stated that it will provide updates on the progress of the investigation and any other developments as appropriate.

Chemours has been in operation since 1907 and is a leading producer of specialty chemicals used in a variety of industries, including automotive, aerospace, and construction. The company's products are used in everything from fuel additives to flame retardants to coatings for aircraft.

It is important to note that this information is based on the press release issued by Chemours Corporation and should be considered accurate as of the date of the release. Any updates or changes to this information will be communicated by Chemours as they become available.