Calumet Chairman Fred Fehsenfeld to Retire, Leadership Succession Plan Announced
Calumet Specialty Products Partners (NASDAQ: CLMT) announced the retirement of its co-founder and Chairman, Fred Fehsenfeld, effective May 1, 2022.
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Rhea-AI Summary
Calumet Specialty Products Partners (NASDAQ: CLMT) announced the retirement of its co-founder and Chairman, Fred Fehsenfeld, effective May 1, 2022. Steve Mawer will transition from CEO to Executive Chairman, while Todd Borgmann, currently EVP & CFO, will become the new CEO. Vince Donargo, Chief Accounting Officer, will take on the role of EVP & CFO. The leadership team emphasizes continuity in the company's strategic direction despite this transition, with a focus on transforming Calumet into two best-of-breed businesses.
Positive
- Leadership transition planned with experienced executives.
- Continuity in strategic vision due to unchanged leadership team.
- Focus on transforming Calumet into two best-of-breed businesses.
Negative
- None.
Details
News Market Reaction – CLMT
The recorded move for CLMT in the trading session of this news was +1.81%.
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INDIANAPOLIS, Feb. 24, 2022 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), today announced that Calumet co-founder Fred Fehsenfeld, Chairman of the Board of the general partner of Calumet has elected to retire effective May 1, 2022.
"It's been a source of tremendous satisfaction for The Heritage Group and for me to see the corporate transformation of Calumet," said Fehsenfeld. "Calumet has a strong leadership team which won't miss a beat with this transition. Heritage continues to encourage and support the vision and actions of Calumet's leadership and is excited to see them take Calumet to the next level."
Steve Mawer, currently CEO, will assume the role of Executive Chairman of the Board of Directors effective May 1, 2022. On that date, Todd Borgmann, currently EVP & CFO, will assume the role of CEO, and Vince Donargo, currently Chief Accounting Officer, will assume the role of EVP & CFO.
"Fred is a legendary entrepreneur and co-founder of Calumet, and his retirement will be felt deeply," said Mawer. "We sincerely appreciate his service as our chairman. While we'll miss Fred as a leader and a friend, we've prepared well for this transition that will shuffle our roles but maintain the same leadership team with the same strategy."
"The past two years have been an incredible journey as Steve successfully led Calumet through the depths of the pandemic and originated the vision of Montana Renewables," said Borgmann. "I am grateful for the opportunity to continue to work closely with Steve in our new roles. With an exceptional team and unchanged vision we will continue to focus on the transformation of Calumet into two best of breed businesses."
Mr. Borgmann has been with Calumet for 15 years in increasingly senior roles. Prior to serving as EVP & CFO, he held leadership roles within supply chain, trading, optimization, sales, and strategy. Mr. Donargo has been Chief Accounting Officer of Calumet for two years and has previous CFO experience with both public and private companies. He has also held various senior finance and accounting roles spanning multiple industries.
About the Partnership
Calumet manufactures, formulates, and markets a diversified slate of specialty products to customers in a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.
View original content:https://www.prnewswire.com/news-releases/calumet-chairman-fred-fehsenfeld-to-retire-leadership-succession-plan-announced-301489533.html
SOURCE Calumet Specialty Products Partners, L.P.
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