Calumet, Inc. (NASDAQ: CLMT) today announced that Julio Quintana and Karen Narwold have been selected as nominees for election to the Board of Directors of Calumet at the Company's 2025 Annual Meeting of Stockholders.
After successfully guiding the Company through the transition from a master limited partnership (MLP) to a C-Corporation, Jim Carter and Dan Sheets have informed the Board of their decision not to seek re-election and to retire at the end of their terms following the Annual Meeting. In connection with the Company's ongoing governance transition process, Calumet's Board worked with Spencer Stuart, a director search firm, and engaged with Wasserstein Debt Opportunities ("WDO"), to identify and select highly qualified independent director candidates who align with Board and shareholder priorities.
"I would like to thank Jim and Dan for their significant contributions to Calumet," said Todd Borgmann, CEO of Calumet. "During their tenure, we have achieved several important milestones, including the successful conversion to a C-Corporation, the establishment of Montana Renewables, and securing a $1.4 billion Department of Energy loan. Additionally, these directors have provided valuable input to the revamping of our Specialties business, positioning us for strong, resilient cash flow generation. Together with the entire Board, their efforts have laid the foundation for the next phase of Calumet's transformation, focusing on deleveraging, cash flow growth, accretive asset monetization, and the expansion of Montana Renewables into a leading global producer of sustainable aviation fuel, also sometimes referred to as synthetic aviation fuel."
Steve Mawer, Chair of the Calumet Board said, "The Board is excited to announce its intention to nominate Karen and Julio for election to the Board at the Annual Meeting. Julio and Karen bring decades of experience as executives and public energy and chemical company board members. As Chair of the Board, I aim to continue to enhance our governance and engage with our shareholders regarding Calumet's strategic priorities. To this end, I am encouraged by the support and contributions of our shareholders."
Rajay Bagaria, President and Chief Investment Officer of WDO, commented, "WDO has confidence in Calumet's management team and commends the Board for its ability to navigate complex challenges while supporting management in executing the Company's transformation and delivering the Department of Energy loan. The Board's proactive engagement with its shareholders highlights the continued evolution of Calumet's governance under its new C-Corp structure. We believe Julio and Karen will bring complementary skill sets to the Board as Calumet executes on deleveraging transactions, participates in the industry margin recovery, and works towards the successful monetization of MRL."
Tweet
Share
E-mail