Chemours has no executive ‘attrition problem’ – CEO

Stefan Baumgarten

28-Mar-2024

HOUSTON (ICIS)–“We do not have an attrition problem,” the new CEO of Chemours, Denise Dignam, said during the company’s Q4 2023 earnings call on Thursday.

An analyst on the call asked about the company’s unusually high number of senior executive changes and departures.

Chemours has business leaders at many levels, with “deep experience”, and succession planning allowed it to quickly backfill key roles internally, Dignam responded.

“I know it’s hard for you to see this, but there is great stability in the organization,” she said.

Also, while Chemours does not want turbulence, “I do believe change is good”, she said.

“We have fundamentally changed how we operate at the top of this organization. We are now business-led, rather than corporate-led,” she said.

Dignam last month took over from Mark Newman, who was suspended – along with CFO Jonathan Lock and controller Camela Wisel – as the board started an investigation and review of financial reporting practices and internal controls.

Previous executive changes and departures include:

INTERNAL CONTROLS
Mark Abbott, who currently serves as interim CFO, said on Thursday that Chemours’ review of internal controls identified “four material weaknesses” as of 31 December 2023.

Although the weaknesses did not result in any material misstatements of financial statements or disclosures, they did result in immaterial revisions to certain prior-period financial statements, he said.

Chemours is still in the process of implementing enhancements to its internal controls, he added.

“These actions will take time to implement, but we are already moving forward. We are fully committed to actions that not only address the weaknesses, but also strengthen our control environment going forward,” he said.

The investigation and review is expected to cost about $30 million.

Additional reporting by Al Greenwood

Thumbnail photo of Chemours’ CEO Denise Dignam; photo source: Chemours

READ MORE

Global News + ICIS Chemical Business (ICB)

See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.

Contact us

Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.

Want to learn about how we can work together to bring you actionable insight and support your business decisions?

Need Help?

Need Help?