NEWS
Chemours completes audit , replaces CEO
Chemours has completed the internal review that it announced on 29 February . This essentially confirmed the details revealed in an interim report on 7 March . More will be published in the compensation discussion and analysis in the proxy statement for the 2024 AGM .
The Audit Committee ’ s internal review of working capital actions determined that payments of up to about $ 100 million that were due to be made in Q4 2023 were delayed until Q1 2024 , while about $ 260 million of receivables that were not due until Q1 2024 were accelerated into Q4 2023 . Similar actions took place in Q4 2022 to Q1 2023 , with lesser sums .
The review also determined that there was a lack of transparency by three former members of senior management who were not directly named but are clearly CEO Mark Newman , CFO Jonathan Lock and principal accounting officer Camela Wisel ( pictured ). All three were put on administrative leave on 29 February .
The three are believed to have taken these actions in part to meet free cash flow targets that would be part of a key metric for determining incentive compensation themselves and other executive officers . Since then , Denise Dignam has been confirmed as permanent CEO and president . The company is seeking a permanent CFO , with Matthew Abbot continuing in the role on an interim basis .
The review process followed an anonymous report made to Chemours ’ ethics hotline that was eventually connected to the year-end 2023 external audit process . As a result , the company delayed announcing its Q4 and full-year results , which were due to be made on 29 February .
BASF starts up metal refinery
BASF has started operating its prototype metal refinery for battery recycling in Schwarzheide , Germany . The plant will develop operational procedures and optimise technology to process end-of-life lithiumion batteries and production scrap , including lithium , nickel , cobalt , manganese and copper .
Schwarzheide is Europe ’ s first co-located centre of battery materials production and battery recycling . It sits along BASF ’ s existing cathode active materials ( CAMs ) plant and a recycling plant for the production of black mass , which is scheduled to start operations later this year .
Meanwhile , however , the company is in the middle of six-week period of change negotiations at its precursor CAM ( pCAM ) plant in Harjavalta , Finland ( pictured ). This may include layoffs for an indefinite period , potentially impacting all employees . pCAMs will continue to be made at Schwarzheide .
The decision followed the suspension of the immediate enforcement of the site ’ s environmental permit by the Vaasa Administrative Court on 21 February . This was
the latest of a series of decisions with the permitting process since 2020 that has made the timeframe for a final permit uncertain .
“ We have been on a painful journey with several cycles of permits being granted , appealed , and – unfortunately – not upheld ,” said Tomi Oja , managing director of BASF Battery Materials Finland . “ In a dynamic market like the battery market , which requires major investments , both speed and certainty are essential for business planning . This includes a clear legal framework .”
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