The Chemours Company (NYSE:CC), a global chemical company, announced on Monday the appointment of David A. Will as its new Controller and Chief Accounting Officer, effective August 12, 2024. The current Chief Financial Officer, Shane Hostetter, will continue to serve in his role as principal accounting officer until the commencement of Will's tenure.
David A. Will, brings extensive financial expertise to Chemours, having recently served as Interim Chief Financial Officer of Copeland LP since February 2024 and as Vice President, Global Controller since September 2023. His prior experience includes a series of progressive leadership roles at Quaker Chemical (NYSE:KWR) Corporation, now known as Quaker Houghton, where he was Vice President and Chief Accounting Officer.
As part of his new role at Chemours, Will will receive an annual base salary of $410,000, a signing bonus of $325,000, and the opportunity to earn a target annual bonus of 50% of his base salary, prorated for the 2024 fiscal year. Additionally, he will be granted a target long-term incentive award valued at $300,000 and a one-time grant of restricted stock units worth $125,000, which represent a prorated 2024 LTI award. To compensate for the loss of benefits from his previous employer, Will will also receive a one-time cash payment of $150,000 in March 2025 and another one-time grant of RSUs valued at $250,000, which will vest over three years.
Chemours has stated that there are no familial or transactional relationships between Will and any of the company's executive officers or directors, nor are there any arrangements or understandings with other individuals related to his appointment. This move comes as part of the company's ongoing efforts to strengthen its leadership team and financial operations.
In other recent news, Chemours has been the subject of significant developments. UBS has upgraded Chemours from Neutral to Buy, raising the price target to $30. This change follows a period of underperformance, with a UBS analyst suggesting that the market's stance on Chemours may be overly pessimistic. The analyst projects a significant increase in the company's earnings by 2025, driven by improvements in titanium dioxide operations and favorable demand in the refrigerants market.
Management changes at Chemours, including the appointment of Livingston "Tony" Satterthwaite to the board and Shane Hostetter as the new Chief Financial Officer, have also been noted as positive developments. These changes come amidst a challenging financial performance in the first quarter of 2024, with a 6% decrease in net sales to approximately $1.4 billion and a 37% decline in consolidated adjusted EBITDA to $193 million.
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