- After less than three years in the position
- Denise Dignam taking over temporarily
(exechange) — Wilmington, Delaware, February 29, 2024 — Mark Newman, chief executive of Chemours, has been placed on administrative leave. As announced by Chemours Co. in a news release and in a regulatory filing published on Thursday, February 29, 2024, Mark E. Newman has left his post as chief executive officer at the chemical maker, after less than three years in the role, effective February 28, 2024.
Mark Newman’s duties as CEO will be taken over temporarily by Denise Dignam, most recently President – Titanium Technologies at Chemours Co., as Interim Chief Executive Officer.
Mark Newman’s move coincides with a management shake-up also involving the positions of Chief Financial Officer; and Controller and Principal Accounting Officer.
“Administrative leave”
Chemours said: “These management actions follow the decision of the Board of Directors of Chemours to place President and Chief Executive Officer Mark Newman, Senior Vice President and Chief Financial Officer Jonathan Lock and Vice President, Controller and Principal Accounting Officer Camela Wisel on administrative leave.”
“The Company is evaluating one or more potential material weaknesses in its internal control over financial reporting”
Chemours stated: “Mr. Newman’s, Mr. Lock’s and Ms. Wisel’s leave is pending the completion of an internal review being overseen by the Audit Committee of the Board of Directors with the assistance of independent outside counsel, which scope includes the processes for reviewing reports made to the Chemours Ethics Hotline, the Company’s practices for managing working capital, including the related impact on metrics within the Company’s incentive plans, certain non-GAAP metrics included in filings made with the Securities and Exchange Commission or otherwise publicly released, and related disclosures. As a result, the Company is evaluating one or more potential material weaknesses in its internal control over financial reporting as of December 31, 2023 with respect to maintaining effective controls related to the control environment, including the effectiveness of the ’tone at the top’ set by certain members of senior management and information and communication components of the COSO internal control framework. The Audit Committee is working with independent outside counsel to complete the review expeditiously, and the Company expects to report on any material weaknesses as of December 31, 2023 and its related remediation efforts in its Annual Report on Form 10-K.”
Share price decline since February 2023
The announcement follows a decline in Chemours Co.’s share price of 21% since February 2023.
In the position of CEO since 2021
Mark Newman became CEO of the Company in 2021.
Mark Newman joined Chemours in 2014 as Senior Vice President and Chief Financial Officer.
He was instrumental in the launch of Chemours as a stand-alone, publicly traded company and helped transform a portfolio of businesses into a focused and profitable company.
In 2019, Mark Newman was appointed Chief Operating Officer with responsibility over the company’s global commercial businesses.
He oversaw improvements to the Ti-Pure™ Value Stabilization (TVS) strategy, and the recent evolution of the former Fluoroproducts business into two reportable segments: Thermal & Specialized Solutions and Advanced Performance Materials.
Throughout 2020, he chaired the company’s Crisis Leadership Team which oversaw the company’s global response to the COVID-19 pandemic.
Mark Newman served as the executive sponsor of the Chemours Diversity and Inclusion Council, the group charged with improving the company’s overall inclusion and diversity approach to talent acquisition and development, company culture, and community engagement.
Before joining Chemours, Mark Newman was Senior Vice President and Chief Financial Officer of SunCoke Energy, Inc., where he oversaw strategy, business development, and information technology. He also served in several senior operating and finance leadership roles in the United States and China, primarily with General Motors Corporation, where he began his career in 1986.
Mark Newman received his Bachelor of Applied Science degree in Mechanical Engineering from the University of Waterloo in Waterloo, Ontario, Canada, and earned his Master of Business Administration from the Richard Ivey Business School at the University of Western Ontario.
Mark Newman serves on the board of directors for the American Chemistry Council, is a member of the board of trustees for the United States Council for International Business, and a member of the Ivey Society, based on Richard Ivey alumnus activity.
He previously served on the board of directors for Altria Group, Inc.
No statement by Mark Newman
The announcement of his departure as CEO does not include a statement by Mark Newman.
The above text is an excerpt from the exechange report 10.2024 ($), publication date March 4, 2024.