UPDATE 2-Chemours names Denise Dignam as permanent CEO
(Adds details and background on company's internal review in paragraphs 2-8)
March 22 (Reuters) - Chemours said on Friday it had appointed chemical industry veteran Denise Dignam as CEO effective immediately, a month after she took over the role on an interim basis.
The chemical maker placed its top three executives, including CEO Mark Newman, on administrative in February and said it was looking into potential "material weaknesses" in its financial reporting.
CFO Jonathan Lock and Principal Accounting Officer Camela Wisel were also placed on leave.
Earlier this month, the internal review showed manipulation by its senior executives to meet free cash flow targets tied to their incentives.
The internal review had prompted the company to delay the reporting of its fourth-quarter and full-year 2023 results. Chemours is yet to provide a date for the official release.
It said on Friday interim CFO Matthew Abbott will continue in his role while the company starts the search for a permanent CFO.
Dignam joined Chemours in 2015 and has more than 35 years of experience in the chemical industry.
Prior to becoming the interim CEO, she was president of the Titanium Technologies (TT) unit and the Advanced Performance Materials (APM) segment - businesses that represented over 68% of Chemours' net sales in 2023. (Reporting by Arunima Kumar in Bengaluru; Editing by Alan Barona)
