INDIANAPOLIS, 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.
Fred 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."
Fehsenfeld 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."
Tim 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 orderly transition to Steve over the next several months."
Steve Mawer concluded, "The opportunity to work with and lead a team whom I already know well and greatly respect is an exciting one which I am honored to accept. Our excellent results in 2019 show the substantial progress that Tim and the management team have already made in transforming Calumet. Our vision remains unchanged, and we will remain intently focused on deleveraging, operations excellence and growing the profitability of our specialty businesses."
Steve Mawer Background
Steve Mawer brings significant industry experience. He currently serves as Chairman of ClimeCo Corporation, an environmental commodities development and management company and on the Board of Directors of Zenith Energy Management, LLC, a midstream company. He also serves as a member of the advisory board of Heritage Environmental Services. He retired as president of Koch Supply & Trading and as a senior member of the Koch Industries management team in 2014 following a 27-year career in commodities trading, risk management and refining operations. In addition to global commodities trading, Steve brings manufacturing expertise as former head of Koch's European refining operations.
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 ten manufacturing facilities located in northwest Louisiana, northern Montana, western Pennsylvania, Texas, New Jersey and eastern Missouri.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements and information in this press release may constitute "forward-looking statements." The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding our business outlook and the execution of a possible transaction involving our Great Falls refinery. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. 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. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our filings with the Securities and Exchange Commission, including our latest Annual Report on Form 10-K and Current Reports on Form 8-K. 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.
SOURCE Calumet Specialty Products Partners, L.P.