Wilmington-based chemical giant The Chemours Co., a spinoff of the DuPont chemical empire, is in apparent tumult at the uppermost levels of management.
Three senior executive officers, including the CEO and chief financial officer, have been placed on leave, the company announced to investors Thursday morning.
Shares plunged after the announcement by nearly half at the start of trading Thursday morning, before recovering to $19 by noon — remaining approximately 33% lower than at the beginning of trading that morning.
Two weeks ago, Chemours failed to release its quarterly earnings report as scheduled. A director on the board, Sandra Phillips Rogers, also announced in February she would step down and that a new director would join the board on Friday, March 1.
Thursday's announcement hit the top levels of executive and financial leadership of the company and also signaled a full audit that includes outside counsel after apparent reports received to the company's ethics hotline.
"What we think many perceived as likely a relatively minor accounting hangup two weeks ago now appears wider, longer, and with more ramifications than the market initially believed," Barclays analyst Michael Leithead told Reuter's news service on Thursday.
I don't know much about large company finances, but I'm guessing it would take quite a number of people working together to cook the books. I wonder how long the problem has gone on? Best wishes to all those at Chemours.
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looks like Blogger doesn't work with anonymous comments from Chrome browsers at the moment - works in Microsoft Edge, or from Chrome with a Blogger account - sorry! CJ 3/21/20