Chemical giant Chemours Co. appointed SVP and Chief Development Officer Jonathan Lock as its new CFO on Tuesday, following the resignation of Sameer Ralhan.
Ralhan is leaving the company “to pursue another opportunity,” according to a Chemours spokesperson. He will resign from his CFO post effective June 19.
Lock will take over the CFO role effective immediately, according to the company’s announcement. Lock will oversee Chemours’ finance, investor relations, corporate development, strategy and enterprise risk management.
Ralhan is leaving Chemours after serving as CFO since 2019, according to his LinkedIn. He joined the company in 2014.
“Sameer has been a valued member of the Chemours executive team and has made significant contributions to the company’s success through his transformation of the Finance function into a source of strategic insight and analysis,” Chemours President and CEO Mark Newman said in a statement.
Lock joined Chemours in 2018 as VP of corporate development and investor relations, overseeing the company’s M&A, strategy, enterprise risk and sustainability. He was promoted to chief development officer in 2021, per the release.
Before joining Chemours, Lock served as the VP of investor strategy at materials processing company SunCoke Energy, according to his LinkedIn. Lock also held various roles at Marokan, Kirkland & Ellis, Mead Johnson Nutrition and Accenture.
“Jonathan is well-known by investors and has led numerous high-value transactions for Chemours,” Newman said in a statement. “He has a deep understanding of Chemours and capital markets, and his appointment ensures that we do not miss a beat in executing our strategy to deliver long term value to shareholders.”
Lock will receive a yearly base salary of $600,000 and be eligible for an annual incentive plan award comprising 75% of his base salary, according to a June 6 SEC filing. He will also be eligible for a long-term incentive plan award of $1,000,000.
The CFO change was one of multiple executive shuffles Chemours announced yesterday.
The company promoted VP of Digital and Data Analytics Matt Abbott to serve as its first-ever SVP and chief enterprise transformation officer. Chemours also moved sustainability duties from Lock to Kristine Wellman, Chemours SVP, general counsel and corporate secretary.
The executive shuffle comes days after Chemours, alongside DuPont and Corteva, announced a $1.19 billion settlement agreement to resolve all PFAS-related drinking water claims against them. Chemours will pay $592 million in the settlement.
