Calumet Specialty Products Partners, L.P. Announces CFO Transition
Rhea-AI Summary
Calumet Specialty Products Partners (NASDAQ: CLMT) announced the resignation of H. Keith Jennings as Executive Vice President & Chief Financial Officer, effective August 31, 2020. Jennings is leaving to pursue personal interests in Texas but will assist with the transition for a month. Calumet, a leading producer of specialty hydrocarbons based in Indianapolis, operates nine manufacturing facilities across the U.S., producing a range of lubricating oils, solvents, and fuel products for various markets.
Positive
- The company has a strong finance team to ensure continuity after Jennings' departure.
- Transition process has already begun, indicating proactive management.
Negative
- The resignation of a key executive could create uncertainty for investors.
News Market Reaction – CLMT
In the trading session that priced this news, CLMT declined 8.06%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
INDIANAPOLIS, Aug. 6, 2020 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership" or "Calumet"), a leading independent producer of specialty hydrocarbon and fuels products, today announced that H. Keith Jennings notified the Board of Directors of Calumet that he plans to resign as Executive Vice President & Chief Financial Officer (CFO) effective August 31, 2020 to pursue other interests closer to his family in Texas.
Steve Mawer, Chief Executive Officer of Calumet, commented, "On behalf of everyone at Calumet, I want to thank Keith for everything he has accomplished during his time at Calumet. We have a strong finance team and we appreciate that Keith will be staying on for a full month to ensure a seamless transition. We've already started the transition process and will share the outcome of that in due course."
About Calumet Specialty Products Partners, L.P.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a master limited partnership and a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products; produces fuel products including gasoline, diesel and jet fuel. Calumet is based in Indianapolis, Indiana, and operates nine manufacturing facilities located in northwest Louisiana, northern Montana, western Pennsylvania, Texas and eastern Missouri.
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SOURCE Calumet Specialty Products Partners, L.P.