Clariant AG will realign its business units to improve transparency in the wake of a bookkeeping investigation triggered by insider whistleblowers.
The company, a manufacturer of construction chemicals and automotive braking and cooling fluids, will reorganize its business into three units from five, with the unit heads reporting directly to Chief Executive Officer Conrad Keijzer, it said Wednesday. The move comes after insiders raised concerns about accounting procedures, leading to the departure of Chief Financial Officer Stephan Lynen in April.
“The new structure will enable Clariant to reduce hierarchical layers and overall complexity across its business functions,” the company said in a statement.
The bookkeeping problems were a setback for Clariant, a firm trying to move past the upheaval of departures and strife with its largest shareholder, Saudi Basic Industries Corp. The investor moved to oust the firm’s previous CEO, Hariolf Kottmann, leading to his replacement at the start of last year.