INDIANAPOLIS, March 17, 2025/ PRNewswire/– Calumet, Inc. CLMT (the “Business,” “Calumet,” “we”) today revealed that Julio Quintana and Karen Narwold have actually been picked as candidates for election to the Board of Directors of Calumet (the “Board”) at the Business’s 2025 Yearly Satisfying of Stockholders (the “Yearly Satisfying”).
After effectively assisting the Business through the shift from a master restricted collaboration (MLP) to a C-Corporation, Jim Carter and Dan Sheets have actually notified the Board of their choice not to look for re-election and to retire at the end of their terms following the Yearly Satisfying. In connection with the Business’s continuous governance shift procedure, Calumet’s Board dealt with Spencer Stuart, a director search company, and engaged with Wasserstein Financial obligation Opportunities (” WDO”), to recognize and pick extremely certified independent director prospects who line up with Board and investor top priorities.
” I wish to thank Jim and Dan for their substantial contributions to Calumet,” stated Todd Borgmann, CEO of Calumet. “Throughout their period, we have actually attained numerous essential turning points, consisting of the effective conversion to a C-Corporation, the facility of Montana Renewables, and protecting a $ 1.4 billion Department of Energy loan. In addition, these directors have actually offered important input to the revamping of our Specializeds service, placing us for strong, durable capital generation. Together with the whole Board, their efforts have actually laid the structure for the next stage of Calumet’s improvement, concentrating on deleveraging, capital development, accretive property money making, and the growth of Montana Renewables into a leading international manufacturer of sustainable air travel fuel, likewise often described as artificial air travel fuel.”
Steve Mawer, Chair of the Calumet Board stated, “The Board is thrilled to reveal its objective to choose Karen and Julio for election to the Board at the Yearly Satisfying. Julio and Karen bring years of experience as executives and public energy and chemical business board members. As Chair of the Board, I intend to continue to boost our governance and engage with our investors concerning Calumet’s tactical top priorities. To this end, I am motivated by the assistance and contributions of our investors.”
Rajay Bagaria, President and Chief Financial Investment Officer of WDO, commented, “WDO believes in Calumet’s management group and applauds the Board for its capability to browse complicated obstacles while supporting management in carrying out the Business’s improvement and providing the Department of Energy loan. The Board’s proactive engagement with its investors highlights the ongoing advancement of Calumet’s governance under its brand-new C-Corp structure. Our company believe Julio and Karen will bring complementary ability to the Board as Calumet performs on deleveraging deals, takes part in the market margin healing, and works towards the effective money making 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 worked as the President and Ceo and as a member of Tesco’s Board of Directors. Prior to his consultation as President and Ceo, Mr. Quintana worked 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 Job Management and Vice President of Marketing for the Americas. Prior to Schlumberger, Mr. Quintana worked for almost twenty years for Unocal Corporation, an incorporated E&P business, in different functional and supervisory functions.
Mr. Quintana presently serves on the Board of Directors of Newmont Corporation, where he belongs to the Business Governance and Nominating Committee and Chair of the Management Advancement and Payment Committee. He likewise acts as Chair of the Board of Directors and Chair of the Executive Committee of SM Energy Business. In Addition, Mr. Quintana formerly served on the Board of Directors of California Resources Corporation from 2020 till 2024 and Basic Energy Solutions from 2016 till 2021. He holds a Bachelor’s degree 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 formerly served in a range of management functions with Proportion Holdings and its associated business from 2007 – 2010, consisting of General Counsel to Proportion Holdings, Vice President, Chief Administrative Officer and General Counsel at Barzel Industries (obtained by Proportion Holdings and f/k/a Novamerican Steel) and Consultant at Proportion Advisors. She worked for 5 years in personal legal practice, followed by 16 years in functions of increasing management obligation with GrafTech International, Ltd., consisting of Vice President, General Counsel, Human Being Resources and Business Secretary.
Ms. Narwold presently serves on the Board of Directors of Ingevity, where she is Chair of the Sustainability and Security Committee, a member of the Audit Committee, and a member of the Executive Committee. She is NACD Directorship Qualified and holds a Bachelor of Arts in Government from the University of Connecticut and a Juris Physician from the University of Connecticut School of Law.
About Calumet
Calumet, Inc. CLMT produces, creates, and markets a varied slate of specialized branded items and sustainable fuels to clients throughout a broad series of consumer-facing and commercial markets. Calumet is headquartered in Indianapolis, Indiana and runs twelve centers throughout The United States And Canada
Cautionary Declaration Concerning Positive Declarations
Particular declarations and details in this news release might make up “positive declarations.” The words “think,” “anticipate,” “expect,” “strategy,” “mean,” “should,” “would,” “might” or other comparable expressions are meant to recognize positive declarations, which are typically not historic in nature. These positive declarations are based upon our existing expectations and beliefs worrying future advancements and their possible result on us and consist of those associated to future capital, money making, deleveraging, governance and development of the Business. While management thinks that these positive declarations are affordable as and when made, there can be no guarantee that future advancements impacting us will be those that we expect. Our positive declarations include substantial dangers and unpredictabilities (a few of which are beyond our control) and presumptions that might trigger real outcomes to vary materially from our historic experience and our present expectations or forecasts. Crucial elements that might trigger real outcomes to vary materially from those in the positive declarations consist of actions by investors or candidates, market conditions, regulative modifications, and elements gone over in our filings with Securities and Exchange Commission (” SEC”), including our most current Yearly Report on Type 10-K and Existing Reports on Type 8-K. Readers are warned not to position excessive dependence on positive declarations, which speak just since the date they are made. We carry out no commitment to openly upgrade or modify any positive declarations after the date they are made, whether as an outcome of brand-new details, future occasions or otherwise.
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SOURCE Calumet, Inc.
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