INDIANAPOLIS, March 17,
2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT)
(the "Company," "Calumet," "we") today announced that Julio Quintana and Karen
Narwold have been selected as nominees for election to
the Board of Directors of Calumet (the "Board") at the Company's
2025 Annual Meeting of Stockholders (the "Annual
Meeting").
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."
About Julio
Quintana
Mr. Quintana is a retired oil and gas
executive who was with Tesco Corporation from 2004 to 2015. While
at Tesco, Mr. Quintana served as the President and Chief Executive
Officer and as a member of Tesco's Board of Directors. Prior to his
appointment as President and Chief Executive Officer, Mr. Quintana
served as Executive Vice President and Chief Operating Officer.
Prior to Tesco, Mr. Quintana worked for Schlumberger Corporation
from 1999 to 2004 as Vice President of Integrated Project
Management and Vice President of Marketing for the Americas. Prior
to Schlumberger, Mr. Quintana worked for nearly 20 years for Unocal
Corporation, an integrated E&P company, in various operational
and managerial roles.
Mr. Quintana currently serves on the Board of Directors of
Newmont Corporation, where he is a member of the Corporate
Governance and Nominating Committee and Chair of the Leadership
Development and Compensation Committee. He also serves as Chair of
the Board of Directors and Chair of the Executive Committee of SM
Energy Company. Additionally, Mr. Quintana previously served on the
Board of Directors of California Resources Corporation from 2020
until 2024 and Basic Energy Services from 2016 until 2021. He holds
a Bachelor of Science in Mechanical Engineering from the
University of Southern California.
About Karen Narwold
Ms.
Narwold is a retired executive who was Executive Vice President,
Chief Administrative Officer, General Counsel and Corporate
Secretary of Albemarle Corporation from 2010 to 2023. She
previously served in a variety of leadership roles with Symmetry
Holdings and its related companies from 2007 - 2010, including
General Counsel to Symmetry Holdings, Vice President, Chief
Administrative Officer and General Counsel at Barzel Industries
(acquired by Symmetry Holdings and f/k/a Novamerican Steel) and
Advisor at Symmetry Advisors. She worked for five years in private
legal practice, followed by 16 years in roles of increasing
leadership responsibility with GrafTech International, Ltd.,
including Vice President, General Counsel, Human Resources and
Company Secretary.
Ms. Narwold currently serves on the Board of Directors of
Ingevity, where she is Chair of the Sustainability and Safety
Committee, a member of the Audit Committee, and a member of the
Executive Committee. She is NACD Directorship Certified and holds a
Bachelor of Arts in Political Science from the University of Connecticut and a Juris Doctor from
the University of Connecticut School of
Law.
About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and
markets a diversified slate of specialty branded products and
renewable fuels to customers across a broad range of
consumer-facing and industrial markets. Calumet is headquartered in
Indianapolis, Indiana and operates
twelve facilities throughout North
America.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements and information in this press release may
constitute "forward-looking statements." The words "believe,"
"expect," "anticipate," "plan," "intend," "should," "would,"
"could" or other similar expressions are intended to identify
forward-looking statements, which are generally not historical in
nature. These forward-looking statements are based on our current
expectations and beliefs concerning future developments and their
potential effect on us and include those related to future
cash flows, monetization, deleveraging, governance and growth of
the Company. While management believes that these forward-looking
statements are reasonable as and when made, there can be no
assurance that future developments affecting us will be those that
we anticipate. Our forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and
assumptions that could cause actual results to differ materially
from our historical experience and our present expectations or
projections. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include actions by shareholders or nominees, market conditions,
regulatory changes, and factors discussed in our filings with
Securities and Exchange Commission ("SEC"), including our latest
Annual Report on Form 10-K and Current Reports on Form 8-K. Readers
are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date they are made. We
undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
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SOURCE Calumet, Inc.
