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UPDATE 1-Chemours CFO Jonathan Lock steps down after financial revisions

Reuters
·1-min read

(Adds background paragraph 2 and 3, details in paragraph 4)

April 25 (Reuters) - Chemours 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 said on Thursday Lock would not be entitled to severance, 2023 or 2024 annual cash incentive award and separation benefits. (Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi Majumdar)