Calumet Announces Intention to Nominate Julio Quintana and Karen Narwold to Board of Directors; and Wasserstein Debt Opportunities Expresses Support
Calumet (NASDAQ: CLMT) has announced plans to nominate Julio Quintana and Karen Narwold to its Board of Directors at the 2025 Annual Meeting of Stockholders. This announcement comes as current board members Jim Carter and Dan Sheets plan to retire following the completion of their terms.
The board transition follows several key achievements, including the company's successful conversion from a master partnership to a C-, the establishment of Montana Renewables, and securing a $1.4 billion Department of Energy loan. The company has also revamped its Specialties business to enhance cash flow generation.
The nominations, supported by Wasserstein Debt Opportunities (WDO), align with Calumet's strategic priorities focusing on deleveraging, cash flow growth, accretive asset monetization, and expanding Montana Renewables into a leading global producer of sustainable aviation fuel.
Calumet (NASDAQ: CLMT) ha annunciato piani per nominare Julio Quintana e Karen Narwold nel suo Consiglio di Amministrazione durante l'Assemblea Annuale degli Azionisti del 2025. Questo annuncio arriva mentre i membri attuali del consiglio, Jim Carter e Dan Sheets, pianificano di andare in pensione al termine dei loro mandati.
Il passaggio del consiglio segue diversi traguardi significativi, tra cui la conversione di successo dell'azienda da una partnership master a una C-, la creazione di Montana Renewables e l'ottenimento di un prestito di 1,4 miliardi di dollari dal Dipartimento dell'Energia. L'azienda ha anche ristrutturato la sua attività Specialties per migliorare la generazione di flussi di cassa.
Le nomine, supportate da Wasserstein Debt Opportunities (WDO), si allineano con le priorità strategiche di Calumet che si concentrano su riduzione del debito, crescita dei flussi di cassa, monetizzazione di asset accrescitivi e espansione di Montana Renewables per diventare un produttore globale leader di carburante sostenibile per l'aviazione.
Calumet (NASDAQ: CLMT) ha anunciado planes para nominar a Julio Quintana y Karen Narwold a su Junta Directiva en la Reunión Anual de Accionistas de 2025. Este anuncio se produce mientras los miembros actuales de la junta, Jim Carter y Dan Sheets, planean retirarse tras la finalización de sus mandatos.
La transición de la junta sigue varios logros clave, incluida la exitosa conversión de la empresa de una asociación maestra a una C-, la creación de Montana Renewables y la obtención de un préstamo de 1.4 mil millones de dólares del Departamento de Energía. La empresa también ha renovado su negocio de Especialidades para mejorar la generación de flujo de efectivo.
Las nominaciones, respaldadas por Wasserstein Debt Opportunities (WDO), están alineadas con las prioridades estratégicas de Calumet que se centran en desapalancamiento, crecimiento del flujo de efectivo, monetización de activos accretivos y expansión de Montana Renewables para convertirse en un productor global líder de combustible sostenible para la aviación.
Calumet (NASDAQ: CLMT)는 2025년 주주 총회에서 Julio Quintana와 Karen Narwold를 이사회에 지명할 계획을 발표했습니다. 이 발표는 현재 이사인 Jim Carter와 Dan Sheets가 임기 종료 후 은퇴할 계획을 세우고 있는 가운데 이루어졌습니다.
이사회 전환은 마스터 파트너십에서 C-로의 성공적인 전환, Montana Renewables의 설립, 14억 달러의 에너지부 대출 확보 등 여러 주요 성과를 따릅니다. 또한, 회사는 현금 흐름 생성을 향상시키기 위해 Specialty 사업을 개편했습니다.
Wasserstein Debt Opportunities (WDO)의 지원을 받는 이 지명은 부채 축소, 현금 흐름 성장, 자산 수익화 및 Montana Renewables의 확장에 중점을 둔 Calumet의 전략적 우선 사항과 일치합니다. 이를 통해 지속 가능한 항공 연료의 글로벌 선도 생산자로 자리매김할 계획입니다.
Calumet (NASDAQ: CLMT) a annoncé son intention de nommer Julio Quintana et Karen Narwold à son Conseil d'Administration lors de l'Assemblée Générale Annuelle des Actionnaires de 2025. Cette annonce intervient alors que les membres actuels du conseil, Jim Carter et Dan Sheets, prévoient de prendre leur retraite à l'issue de leurs mandats.
La transition du conseil fait suite à plusieurs réalisations clés, notamment la conversion réussie de l'entreprise d'un partenariat maître en une C-, la création de Montana Renewables et l'obtention d'un prêt de 1,4 milliard de dollars du Département de l'Énergie. L'entreprise a également restructuré son activité Spécialités pour améliorer la génération de flux de trésorerie.
Les nominations, soutenues par Wasserstein Debt Opportunities (WDO), s'alignent sur les priorités stratégiques de Calumet qui se concentrent sur la désendettement, la croissance des flux de trésorerie, la monétisation d'actifs accrus et l'expansion de Montana Renewables pour devenir un producteur mondial de premier plan de carburant d'aviation durable.
Calumet (NASDAQ: CLMT) hat Pläne angekündigt, Julio Quintana und Karen Narwold in seinen Vorstand bei der Hauptversammlung der Aktionäre 2025 zu nominieren. Diese Ankündigung erfolgt, da die aktuellen Vorstandsmitglieder Jim Carter und Dan Sheets planen, nach Abschluss ihrer Amtszeiten in den Ruhestand zu gehen.
Der Übergang im Vorstand folgt mehreren wichtigen Erfolgen, einschließlich der erfolgreichen Umwandlung des Unternehmens von einer Master-Partnerschaft in eine C-, der Gründung von Montana Renewables und der Sicherstellung eines 1,4 Milliarden Dollar Darlehens des Energieministeriums. Das Unternehmen hat auch sein Spezialitäten-Geschäft umstrukturiert, um die Cashflow-Generierung zu verbessern.
Die Nominierungen, unterstützt von Wasserstein Debt Opportunities (WDO), stehen im Einklang mit den strategischen Prioritäten von Calumet, die sich auf Schuldenabbau, Wachstum des Cashflows, monetäre Wertsteigerung von Vermögenswerten und die Expansion von Montana Renewables zu einem führenden globalen Produzenten von nachhaltigem Flugkraftstoff konzentrieren.
- Secured $1.4 billion Department of Energy loan
- Successful conversion from MLP to C- structure
- Revamped Specialties business for stronger cash flow generation
- Strategic focus on deleveraging and asset monetization
- Establishment of Montana Renewables division
- Board transition may create temporary leadership uncertainty
- Loss of experienced board members who guided previous transformation
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
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
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
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
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
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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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