Calumet Proposes New Directors with Strong Industry Experience for Board

Calumet's Strategic Nomination for Board of Directors

Calumet, Inc. (NASDAQ: CLMT) has revealed its intention to nominate two accomplished executives, Julio Quintana and Karen Narwold, for election to its Board of Directors during the upcoming 2025 Annual Meeting of Stockholders. This strategic move comes as the company undergoes significant transitions and aims to strengthen its governance structure.

Board Transition and Governance Improvements

In a recent announcement, Calumet disclosed that Jim Carter and Dan Sheets will not seek re-election and will retire following the Annual Meeting. Their tenure has seen the company make critical transitions, including moving from a master limited partnership (MLP) to a C-Corporation. This transition has been pivotal in setting the foundation for Calumet’s aggressive growth strategy and sustainable practices.

Todd Borgmann, Calumet's CEO, expressed his gratitude towards Jim and Dan for their invaluable service, stating, “During their tenure, we have achieved several important milestones, including the successful conversion to a C-Corporation and establishing Montana Renewables.” He emphasized that their guidance has positioned the company for solid cash flow generation and strategic initiatives, including the shift towards renewable energy solutions.

Steve Mawer, Chair of the Calumet Board, shared enthusiasm about the nomination of Julio and Karen, highlighting their extensive experience in the energy and chemical sectors. “Their combined decades in executive roles and board positions will be instrumental as we further engage with our shareholders and refine Calumet's strategic focus,” Mawer noted.

Profiles of the Nominees

Julio Quintana brings a wealth of experience from his prior leadership roles, including serving as President and Chief Executive Officer of Tesco Corporation. His significant background at major organizations like Schlumberger and Unocal has equipped him with robust insights into operational efficiency within the energy sector. Currently, he serves on various boards that ensure his skills will seamlessly translate into Calumet’s strategic priorities.

Karen Narwold, on the other hand, boasts a rich career that includes high-level positions at Albemarle Corporation. Her administrative, legal, and governance experience positions her as a key asset in the company’s drive towards enhanced compliance and stakeholder engagement. Narwold’s accolades also include membership on various boards, demonstrating her capability to contribute to Calumet’s broader vision.

Future Directions and Company Goals

The nomination of Quintana and Narwold underlines Calumet's proactive approach in governance and organizational restructuring. Rajay Bagaria, President and Chief Investment Officer of Wasserstein Debt Opportunities (WDO), commended Calumet’s management and board for navigating challenges while executing transformative initiatives, including securing a substantial $1.4 billion loan from the Department of Energy.

WDO's endorsement signifies confidence in Calumet’s leadership during this evolution. As the company looks ahead, it aims to prioritize deleveraging, cash flow growth, and enhancing its asset portfolio. Their focus on sustainability is also evidenced by Montana Renewables' goal of becoming a leading global producer of synthetic aviation fuel.

As Calumet prepares for the Annual Meeting, the nomination of these influential candidates marks a new chapter in its governance approach, aiming to align more closely with shareholder needs and industry dynamics.

In conclusion, Calumet's strategic expansion and commitment to effective governance are set to strengthen its position in the competitive landscape of the energy and chemical industries. Stockholders and stakeholders alike await the outcoming decisions from the 2025 Annual Meeting with anticipation as Julio Quintana and Karen Narwold stand ready to make significant contributions on the Board.