Business
Calumet Specialty Products Partners, L.P. Announces CEO Transition
Steve Mawer to take over as new Chief Executive Officer on June 1, 2020 INDIANAPOLIS, March 5, 2020 /PRNewswire/ -- Calumet Specialty Products Partners, L.P.
About this update from Calumet, Inc
[{"type":"text","content":"Steve Mawer to take over as new Chief Executive Officer on June 1, 2020\n\n\nINDIANAPOLIS, March 5, 2020 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the \"Company,\" the \"Partnership\" or \"Calumet\"), a leading independent producer of specialty hydrocarbon and fuel products, today announced that Tim Go notified the Board of Directors of Calumet that he plans to resign as Chief Executive Officer (CEO) effective June 1, 2020 to pursue other interests closer to his family in Texas. Steve Mawer, a current board member, has been appointed to take over as CEO upon successful completion of an orderly transition process.\nFred Fehsenfeld, Chairman of the Board, commented, \"On behalf of everyone on the Board, I'd like to thank Tim for his leadership and service to our General Partner, employees and unitholders. Tim led Calumet through a very difficult turnaround, resetting our vision on our core Specialty business and focusing our efforts on operations excellence and delivering Self-Help growth. He divested non-core assets and significantly reduced our debt burden and leverage ratio. Most importantly, Tim built a strong management team that will continue to build on his legacy. Under Steve's leadership, we will continue executing our Specialty Products growth strategy. We are where we are today due to Tim's dedication and leadership, and I thank him for his contributions and sacrifice.\"\nFehsenfeld added, \"Steve has been on our Board since 2016 and brings nearly three decades of industry experience. He is a perfect choice to lead the Partnership through its next chapter. He has chaired our compensation committee, been a member of our audit and finance, strategy and growth, and risk committees and has been active in helping with deleveraging the Company. With his breadth of experience and in-depth knowledge of our Company this transition will be seamless.\"\nTim Go added, \"It has been a privilege to lead Calumet for nearly five years. I am extremely proud of our employees and what we have achieved in turning this Company around. With today's announcement that the Partnership is evaluating strategic options for its Great Falls, Montana refinery, my vision to return Calumet to its core Specialty business will be completed in the near future. I will be focused on driving that activity and ensuring an order...