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Tronox CEO placed on leave after being named in insider trading complaint

December 29/2020

MOSCOW (MRC) -- Tronox Holdings plc announced 27 December that chairman and CEO Jeffry Quinn will take a leave of absence effective immediately after telling the board that he had been referenced as an unnamed individual in a US Securities and Exchange Commission (SEC) complaint regarding alleged insider in the shares of Ferro Corporation in February and March of 2016, said Chemweek.

Quinn served as a director of Ferro from May 2013 through August 2016. Neither Tronox nor Tronoxs shares are referenced in the complaints.

Tronox's board appointed John Romano, executive vice president and chief commercial and strategy officer, and Jean-Francois Turgeon, executive vice president and chief operating officer, as co-chief executive officers on an interim basis. In addition, Ilan Kaufthal, lead independent director, has been elected chairman on an interim basis.

An SEC complaint alleges that an unnamed Ferro insider, believed to be Quinn, or his fiancee provided a friend with information in February and March about a private equity firms interest in a transaction to acquire Ferro. The complaint alleges the friend, named as a defendant in the case, traded Ferro shares in an associate's name and tipped off other traders with the information. Media reports speculated on a private equity bid by Apollo in March 2016 and Ferro announced in May 2016 that it had retained a banker to advise on strategic alternatives.

Quinn has been a director of Tronox since 2011, was appointed president and CEO in December 2017, and was appointed chairman in March 2019.

As MRC informed earlier, Tronox Limited announced that it has received final approval from the European Commission to close its proposed acquisition of the titanium dioxide ("TiO2") business of The National Titanium Dioxide Company Limited, a privately held global chemical and mining company headquartered in Jeddah, Saudi Arabia.

We remind that Russia's output of chemical products rose in November 2020 by 9.5% year on year. At the same time, production of basic chemicals increased in the first eleven months of 2020 by 6.6% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-November 2020 output. Last month"s production of polymers in primary form rose to 896,000 tonnes from 852,000 tonnes in October. Overall output of polymers in primary form totalled 9,240,000 tonnes over the stated period, up by 17.1%  year on year.
Author:Anna Larionova
Tags:dioksid titana, petroleum products, titanium oxide, construction, petrochemistry, Tronox.
Category:General News
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