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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported)
(Exact Name of Registrant as Specified in Its Charter)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 31, 2024, the Board of Directors (the “Board”) of The Chemours Company (the “Company”) appointed Shane Hostetter as Chief Financial Officer, effective as of July 1, 2024. Mr. Hostetter also will serve as the Company’s principal accounting officer. Mr. Hostetter succeeds Matthew Abbott, who has served as the Interim Chief Financial Officer (principal financial and accounting officer) since February 28, 2024. Mr. Abbott will continue serving as the Company’s Senior Vice President & Chief Enterprise Transformation Officer, with responsibility for Enterprise Capital Projects and Engineering Technology, Information Technology, Cyber Security, Digital and Data Analytics, and Procurement.
Mr. Hostetter, age 43, has served as Executive Vice President, Chief Financial Officer of Quaker Chemical Corporation (“Quaker Houghton”) since March 2023, and also served as Chief Accounting Officer from October 2023 to January 2024. Mr. Hostetter previously served as Quaker Houghton’s Senior Vice President, Chief Financial Officer from April 2021 through February 2023. Prior to that role, he served as Vice President, Finance and Chief Accounting Officer from August 2019 until April 2021, and Global Controller and Principal Accounting Officer from September 2014 until July 2019.
In connection with his appointment to Chief Financial Officer, Mr. Hostetter will receive an annual base salary of $600,000, a signing bonus of $50,000, a target annual bonus opportunity of 75% of his annual base salary and a target long-term incentive (“LTI”) award opportunity of $1,000,000. In addition, in respect of his service as Chief Financial Officer for the remainder of 2024, Mr. Hostetter will receive a one-time grant of time-vesting restricted stock units (“RSUs”) having an aggregate grant date value of $500,000, representing a prorated 2024 LTI award. The RSUs will vest one-third per year over a three-year period.
There are no arrangements or understandings between Mr. Hostetter and any other persons in connection with his appointment. Mr. Hostetter does not have any family relationships with any executive officer or director of the Company, and he is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
A copy of the press release issued by the Company on June 5, 2024, announcing the appointment of Mr. Hostetter as Chief Financial Officer is attached as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
99.1 Press Release, dated as of June 5, 2024
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE CHEMOURS COMPANY |
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/s/ Matthew S. Abbott |
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Matthew S. Abbott |
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Interim Chief Financial Officer |
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June 5, 2024 |
EXHIBIT 99.1
Chemours Appoints Shane Hostetter as Chief Financial Officer
Wilmington, Del., June 5, 2024 – The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, today announced the appointment of Shane Hostetter as Chief Financial Officer (CFO) effective July 1, 2024. As CFO, Shane will lead Finance, Investor Relations, Corporate Development, Strategy, and Enterprise Risk Management.
“Shane is a welcome addition to the Chemours team. With over 20 years’ experience in all aspects of finance and a deep understanding of the chemicals industry, Shane is uniquely positioned to drive long-term value for shareholders,” says Denise Dignam, President and Chief Executive Officer of Chemours.
Shane joins Chemours after 13 years of service at the Quaker Chemical Corporation (“Quaker Houghton”), a publicly traded global leader in industrial process fluids, where he served as CFO since April 2021. Throughout his career at Quaker Houghton, Shane served in several executive- and senior-level leadership positions including Vice President of Finance, Chief Accounting Officer, and Global Controller. He brings a breadth and depth of experience to Chemours spanning all financial aspects of the organization including Accounting, Finance, Treasury, Investor Relations, and Tax. Prior to Quaker Houghton, Shane held several financial leadership roles at Pulse Electronics Corporation, a publicly traded global manufacturer of electronic components, and started his career as an auditor with PricewaterhouseCoopers. Shane is a Certified Public Accountant (CPA) and has an MBA in Finance from Villanova University.
With Shane’s appointment, Matt Abbott, Interim CFO since February 2024, will resume his prior role of SVP, Chief Enterprise Transformation Officer, where he is responsible for accelerating growth, unlocking new productivity, and improving operational performance across the organization.
“Matt has been an incredible partner and invaluable member of the executive team,” says Ms. Dignam. “I want to thank Matt for his leadership and willingness to take on the Interim CFO role at such a critical juncture for the company. His contributions have been integral to strengthening the foundation of how we operate and moving Chemours forward.”
About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products are sold under prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,200 employees and 28 manufacturing sites, and serves approximately and is listed on the NYSE under the symbol CC.
For more information, we invite you to visit chemours.com or follow us on X (formerly Twitter) @Chemours or on LinkedIn.
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EXHIBIT 99.1
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, our ability to drive value for shareholders, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized, such as full year guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. Matters outside our control, including general economic conditions, geopolitical conditions and global health events and weather events, and changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
CONTACTS:
INVESTORS
Brandon Ontjes
Vice President, Investor Relations
+1.302.773.3300
investor@chemours.com
Kurt Bonner
Manager, Investor Relations
+1.302.773.0026
investor@chemours.com
NEWS MEDIA
Cassie Olszewski
Corporate Media & Brand Reputation Leader
+1.302.219.7140
media@chemours.com
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