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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
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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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By: |
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/s/ Matthew S. Abbott |
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Matthew S. Abbott |
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Interim Chief Financial Officer |
Date: |
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June 5, 2024 |