Why Chemours Stock Crashed 37% This Morning

Shares of chemicals company Chemours (NYSE: CC) tumbled 37.3% through 11:10 a.m. ET on Thursday after announcing it will need to postpone the release of its Q4 and full-year financial results for 2023 -- and that it is replacing its CEO, its CFO, and its controller as well.

In the meantime, as investors await its final and official results, management released preliminary estimates showing that sales probably fell 12% in 2023 and that the company flipped from a 2022 profit to a 2023 loss.

Chemours announced that its board of directors has put (now former) CEO Mark Newman, (now former) CFO Jonathan Lock, and (you guessed it -- now former) company controller Camela Wisel on administrative leave. Denise Dignam will replace them, moving up from head of the company's titanium technology business to serve as Interim CEO. Matt Abbott, who had been a company senior vice president and chief enterprise transformation officer, will serve as interim CFO.

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Source Fool.com