Clariant CFO to Step Down After Probe Forces Restatement (3)

Clariant AG said Chief Financial Officer Stephan Lynen will step down after concluding a preliminary investigation of its accounting that will cause the company to restate 2020 results.

The shares surged as much as 9.7% in early trading after the company said the restatement won’t affect sales or cash, confirmed its previous guidance and projected stronger profitability. Clariant disclosed the accounting investigation in February.

The company said 2021 sales totaled 4.37 billion Swiss francs ($4.54 billion), and it will report audited full-year results as well as restated 2020 figures by May 30. Clariant also announced that Bill Collins will take ...