Posted 2/29/2024, 5:07:15 PM
Chemours Stock Plunges 37% on Financial Reporting Delays, Executive Shakeup, and Weak Outlook
- Chemours stock dropped 37% after announcing delays in financial reporting and executive changes
- CEO, CFO, and controller placed on leave; interim replacements named
- Company evaluating potential material weaknesses in financial controls
- Preliminary 2023 sales estimate is $6 billion, down 12% year-over-year
- Estimated 2023 net loss of $225-$235 million compared to 2022 profit due to charges and weaker demand