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Stock impact report

What current CFOs can learn from a pair of ‘qualitatively different' accounting scandals [Fortune]

Archer-Daniels-Midland Company (ADM) 
Last archer-daniels-midland company earnings: 4/29 04:05 pm Check Earnings Report
US:NYSE Investor Relations: adm.com/contact-us/investor-relations
Company Research Source: Fortune
While one CFO appears to have been directly motivated by personal gain, another may have been trying to keep up with a strategic initiative. At Chemours, a global chemistry company, CFO Jonathan Lock resigned on April 23 . Lock, along with CEO Mark Newman, and Camela Wisel, controller and principal accounting officer, were placed on administrative leave in February during an internal investigation of financial reporting practices. Lock is not entitled to “any severance, equity award vesting, or other compensation in connection with this resignation,” according the SEC filing. In March, Chemours announced the audit committee's review, with the assistance of independent outside counsel, which found that the three leaders had violated the company's code of ethics in delaying payments of up to approximately $100 million to certain vendors from Q4 2023 to Q1 2024. And the execs sped up by one quarter the collection of up to about $260 million of receivables into Q4. Both actions, the r Show less Read more
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