INDIANAPOLIS, Aug. 11, 2020 /PRNewswire/ -- Calumet
Specialty Products Partners, L.P. ("Calumet," the "Partnership" or
the "Company") (NASDAQ: CLMT), a leading independent producer of
specialty hydrocarbon and fuels products, announced today that it
has named L. Todd Borgmann as the
Partnership's Senior Vice President & Interim Chief Financial
Officer ("CFO"). Borgmann will assume the CFO duties on
September 1, 2020 following an
orderly transition with the current EVP & CFO, H. Keith Jennings, who has announced he will
leave the organization effective August
31, 2020. As Interim CFO, Borgmann will help execute
Calumet's ongoing transformation strategy to become a premier
specialty products company. He will lead all treasury, tax, IT
and capital market activities and be charged with managing the
Partnership's balance sheet and improving its corporate finance
capabilities.
Calumet also named Vincent
Donargo as the Partnership's Chief Accounting Officer
("CAO") effective August 10, 2020.
Mr. Donargo has served as the Company's interim CAO since
June of this year. He will lead Calumet's accounting function
and will continue the work to improve the Company's internal
controls.
Steve Mawer, Chief Executive
Officer, said, "We are excited and fortunate to transition Todd
into the CFO role as he brings over 12 years of experience with
Calumet across a variety of management roles and
responsibilities. His deep understanding of Calumet's
business and sharp financial mind make him perfect for the role as
we remain focused on driving positive cash flow from operations,
enhancing our liquidity, and improving the Partnership's balance
sheet and leverage metrics. We are also looking forward to
continuing to work with Vince as our Chief Accounting
Officer. Vince brings extensive public company finance
experience and has done an excellent job as our interim CAO."
Borgmann added, "I am looking forward to moving into the CFO
role on an interim basis. We have a strong finance team, and
I am eager to build upon the momentum that the company has been
generating. My time with Calumet has allowed me to
develop a comprehensive understanding of our business and the
industries in which we operate. I am confident that we, as a
management team, can leverage this experience to drive value for
our unitholders and stakeholders."
Mr. Borgmann has over twelve years of experience with Calumet,
serving the Company across a diverse set of management roles. For
the last five years, Borgmann served as Vice President of Supply
& Trading, developing extensive knowledge of petroleum markets,
refining operations and risk management. Borgmann has also served
as Calumet's Vice President of Business Development and Director of
the Partnership's White Oils and Petrolatums sales. Borgmann earned
a Bachelor of Science in Industrial Engineering from Purdue University and a Masters of Business
Administration from the University of Notre
Dame.
Mr. Donargo has served as the interim Chief Accounting Officer
for Calumet since June 2020. Prior to
joining Calumet, Donargo served as Chief Accounting Officer at
Celadon Group Inc., a public transportation and logistics provider
with over $1 billion in annual
revenue, a role in which he served since November 2017. Previously, Donargo served in a
variety of financial and accounting roles, including Chief
Financial Officer and Treasurer of Beaulieu Group, and Executive
Vice President of Finance Operations at Brightstar Corporation.
Donargo earned a Bachelor of Arts from Rutgers
University.
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.