©Reuters
Investing.com — Chemical Manufacturers Chemours Company (NYSE:) announced Wednesday that an internal investigation found that three executives who were placed on administrative leave last week violated the company's code of ethics, particularly regarding financial disclosure.
The company had put its chief financial officer (CFO), chief executive officer (CEO) and financial controller on leave in late February, but in a press release said the three executives will be placed on leave in the fourth quarter of 2023. The company said it has worked to postpone payments to certain vendors to the first quarter of 2023. He also sought to accelerate the collection of certain receivables that were due only in the first quarter of 2024 to the fourth quarter of 2023.
“The Audit Committee recognizes that these individuals engage in these efforts as part of achieving the Company's publicly announced free cash flow goals, and that this is the basis for determining the incentive compensation applicable to executive officers. We also identified it as some of the key indicators,” Chemours said. press release.
Chemours said similar measures are likely to be taken in the fourth quarter of 2022.
The company said it was working to determine the impact of executives' actions on its net cash flow metrics, but the findings had no impact on its preliminary 2023 financial results released in February.
Chemours said it is currently evaluating one or more potential material weaknesses in its internal control over financial reporting and Ethics Hotline controls as of December 31, 2023.
The company did not announce the release date for its fourth quarter results, which had been postponed in February.
The company's stock price plummeted to a three-year low after the company suspended executives in February.
