Business
Calumet Specialty Products Partners, L.P. Announces Planned CFO Transition
INDIANAPOLIS, Sept. 20, 2019 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Company", "Partnership" or "Calumet"), a leading
About this update from Calumet, Inc
[{"type":"text","content":"INDIANAPOLIS, Sept. 20, 2019 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the \"Company\", \"Partnership\" or \"Calumet\"), a leading independent producer of specialty hydrocarbon and fuels products, today announced that West Griffin, the Company's Chief Financial Officer (CFO) since January 2017, will be leaving his role as CFO by the end of the year. Griffin is expected to complete the remaining major milestones associated with his position in the next few months. Griffin has agreed to serve in a consulting role through the closing of the financial process for fiscal 2019 to ensure an orderly transition to the next CFO. The Company is nearing the conclusion of its search process for a new CFO with a strong finance and chemicals background who can help guide Calumet through the next phase of its transformation. \nMr. Griffin said, \"When I took this position three years ago, Tim Go, Calumet's CEO, and the Board asked me to help turn the Company around, improve its financial position, rebuild its financial team and processes, and help the organization refocus on its core specialties business. When I arrived, the Company had negative cash flow and its most recently reported net-debt-to-EBITDA leverage ratio was 22 times. Calumet is now cash flow positive and its leverage ratio has been reduced to 4.6 times as of the end of the second quarter. In addition to reducing its leverage profile, today the Company separately announced that it is taking the next step to address near term maturities on its balance sheet. We expect to achieve the targets initially established for my tenure within the next few months. Thus, it's the appropriate time for me to transition my responsibilities to a successor that can guide the Company through its next phase of transformative growth.\" \nTim Go, Calumet's Chief Executive Officer commented, \"West had an immediate impact on the business and helped me steward the turnaround of the Company. Since coming on board, he put in place our supply and offtake agreement that helped stabilize our liquidity, rebuilt our internal financial team and processes, navigated us through the challenging implementation of our ERP system, and has now positioned the Company to pursue the refinancing of its 2021 Notes. We have gotten to where we are today in large part due to West's dedication a...