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Chemours Titanium Technologies & Chemical Solutions Business President Resigns; Chemours Begins Talent Search for Backfill & Appoints Interim Leader
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
The Chemours Company (NYSE: CC) announced the resignation of Edwin Sparks, President of Titanium Technologies, effective March 31. Aditya Beri, VP of Supply Chain and Minerals, will serve as interim leader. Beri brings nearly 20 years of chemical industry experience, including over a decade at Chemours. CEO Mark Newman expressed confidence in Beri's ability to maintain business continuity and strategy, focusing on Ti-Pure™ Value Stabilization and sustainability initiatives. Chemours is committed to delivering value to its customers while continuing its strategic goals amidst this leadership transition.
Positive
Aditya Beri's appointment ensures continuity in leadership and strategy.
Beri's extensive experience in the chemical industry may contribute to stable operations.
Negative
Leadership transition may create uncertainties regarding strategic execution during the search for a new president.
Potential risks associated with the abrupt change in management could affect stakeholder confidence.
Business strategies remain unchanged as Company begins search for new business leader
WILMINGTON, Del.--(BUSINESS WIRE)--
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 resignation of Edwin (Ed) Sparks, President, Titanium Technologies and Chemical Solutions Business at Chemours, effective March 31. Chemours will run a comprehensive search for Ed’s replacement.
Stepping in as interim leader is Aditya Beri, current VP of Supply Chain and Minerals for Titanium Technologies. Aditya has nearly 20 years of experience in the chemical industry, with more than ten years spent with Chemours Titanium Technologies. His experience spans both businesses, where he delivers meaningful contributions across commercial, strategy, raw material procurement, supply chain, and business leadership roles.
“Aditya’s breadth and depth of experience uniquely position him to step in and lead these organizations with clarity and continuity,” said Mark Newman, President and Chief Executive Officer at Chemours. “We’re confident that Aditya will provide continuity of strategy, delivering value for customers across channels through Ti-Pure™ Value Stabilization (TVS) and by continuing our journey to become the most sustainable titanium dioxide enterprise in the world.”
Continued Newman, “Ed has been a foundational member of the Chemours executive team for more than five years, and we are grateful for his leadership and contributions, positioning each of our businesses for continued success. I am incredibly proud of our team’s passion, dedication, and focus on delivering for our customers; I have every confidence in our Titanium Technologies and Chemical Solutions Business colleagues’ ability to continue executing against our strategy to deliver strong business results.”
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 6,600 employees and 29 manufacturing sites serving approximately 2,900 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.
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, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, 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. In addition, the COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control, including general economic conditions, 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, 2022. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
