March 6 (Reuters) - Chemours ( CC ) said on Wednesday

that an internal review revealed its senior executives

manipulated some vendor payments and collections of receivables

in the fourth quarter of 2023 in part to meet free cash flow

targets, tied to their incentives.

The findings will not affect its preliminary results

estimates for the year ended Dec. 31, the U.S. chemical company

said, without disclosing a date to report its results.

Chemours' ( CC ) shares plunged to a more than three-year low last

week after it placed its top three executives, including CEO

Mark Newman, on administrative leave and said it was looking

into potential "material weaknesses" in its financial reporting.

The company also said similar actions were likely undertaken

by these executives in the fourth quarter of 2022, resulting in

a significant increase in cash flow for the quarter ended Dec.

31, 2022, and a decrease in the first quarter of 2023.

Chemours ( CC ) last week named company insiders Denise Dignam as

CEO and Matt Abbott as chief financial officer on an interim

basis.

The company earlier said that it expects preliminary net

sales of about $6.0 billion for the year, down from $6.8 billion

a year ago.

It also estimated a net annual loss of $225 million-$235

million, compared with a net income attributable of $578 million

for 2022.

(Reporting by Kanjyik Ghosh; Editing by Varun H K)