Chemours Co. (CC) shares are declining more than 38 percent on Thursday morning trade, after the company expects net loss for the full year on reduced sales. Further, the company announced a CEO, CFO and other key executive change, amid an internal review.
Net loss for 2023 is estimated to be $225-$235 million, compared to profit of $578 million in the previous year.
Net sales decreased to $6.0 billion from $6.8 billion in 2022.
The company appointed Denise Dignam as the Interim CEO and Matt Abbott as the Interim CFO after President, CEO, CFO, Vice President, Controller, and Principal Accounting Officer were on administrative leave amid an internal review.
Currently, shares are at $15.77, down 46.99 percent from the previous close of $28.72 on a volume of 5,052,514.
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