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Chemours CFO Jonathan Lock steps down after financial revisions
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Chemours CFO Jonathan Lock steps down after financial revisions
Apr 25, 2024 3:25 PM

April 25 (Reuters) - Chemours ( CC ) said on Thursday

its chief financial officer, Jonathan Lock, had resigned on

April 23 after the chemical firm revised certain past financial

results following an internal review.

Earlier this year, the internal review showed manipulation

by some of its senior management to meet free cash flow targets

tied to their incentives, resulting in its top three executives,

including Lock and CEO Mark Newman, being placed on

administrative leave.

The review had identified "material weaknesses" in the

company's internal control over financial reporting and resulted

in revisions of its balance sheet as of Dec. 31, 2022 and its

cash flow statements for 2021 and 2022.

Chemours ( CC ) said on Thursday Lock would not be entitled to

severance, 2023 or 2024 annual cash incentive award and

separation benefits.

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