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Chemours CFO resigns as fallout from accounting probe continues.

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TLDR:

Chemours CFO Jonathan Lock resigns two months after internal investigation into accounting practices. Lock is not entitled to severance pay but can receive three months of healthcare premium payments.

Key Elements:

  • Chemours CFO resigns after internal accounting probe
  • Lock not entitled to severance pay
  • Investigation ongoing into company’s accounting practices
  • Market shocked by suspensions in late February

Chemours Co.’s chief financial officer, Jonathan Lock, has resigned two months after the chemical maker announced an internal investigation into its accounting practices that put him and two other executives on leave. According to a securities filing, Lock resigned on April 23 and is not entitled to any severance pay but can elect to receive three months of healthcare premium payments.

The Delaware-based company shocked the market in late February when it suspended its CEO, chief financial officer, and controller while announcing an internal investigation into its accounting. The investigation is ongoing and includes a review of how its accounting practices may have been impacted.


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