Vince Donargo—a veteran financial executive who has worked for several Indianapolis public companies—plans to step down from his position as chief financial officer of Calumet Specialty Products Partners on Dec. 31 and retire at the end of April.
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Todd Borgmann, Calumet’s former CFO, was promoted to CEO effective this week. The move, and several other executive-level changes, were triggered by the May 1 retirement of board chairman Fred Fehsenfeld.
Calumet Specialty Products Partners LP on Thursday announced a leadership team shakeup that will give the Indianapolis-based company a new CEO, chairman of the board and chief financial officer.
Calumet, which acquired Muncie-based Paralogics LLC in March 2020, now says it plans to expand the facility and hire up to 20 more employees there by 2025.
Calumet said Winter Storm Uri, which brought snow and record cold across the U.S. in February, hurt production at the company’s Gulf Coast refineries during the quarter. The first-quarter losses push the company’s total losses since 2014 above $1 billion.
The Indianapolis-based company, which makes specialty hydrocarbon and fuels products, said it is seeing business conditions improve compared with earlier months of the pandemic.
The Indianapolis-based maker of oils, lubricants and fuels was among the nation’s largest recipients of Paycheck Protection Program loans, which for the most part were intended for small businesses.
Calumet CEO Tim Go, who has spearheaded turnaround efforts at the Indianapolis-based oil refiner and maker of specialty petroleum products, will leave his post at the end of May.
The fine settles U.S. Securities and Exchange Commission charges that the Indianapolis-based fuel-products refiner issued inaccurate information about its 2017 financial performance.
The San Antonio facility has a throughput capacity of 21,000 barrels a day and produces diesel, jet fuel, gasoline and other jet fuel products.
The round of financing was led by Indianapolis-based HG Ventures, which is the corporate venture arm of a major shareholder in Biosynthetic Technologies.
Calumet shares now trade around $6.65, nearly double their October 2016 low but way down from October 2015, when they fetched around $27.
The Indianapolis-based fuel products refiner again lost money, but the loss was smaller than a year ago and indicated that cost-cutting efforts at the company are having an impact on the bottom line.
Indianapolis-based Calumet Specialty Products Partners LP suffered a bigger loss in the fourth quarter than the company originally reported almost four weeks ago.
The Indianapolis-based refinery company said Hurricane Harvey supply-chain disruptions and trouble with a new software system hurt its performance.
Three years after acquiring Anchor Drilling Fluids USA LLC for $235 million, Indianapolis-based Calumet Specialty Products Partners is shedding the subsidiary to reduce debt and concentrate on its core business.
Indianapolis-based Calumet Specialty Products Partners announced Nov. 10 that it was “in the later stages of an enterprise resource planning (ERP) system implementation,” which delayed the third-quarter report.
Shares in Indianapolis-based Calumet Specialty Products Partners jumped Monday after it announced the sale of the crude oil refinery.
The Indianapolis-based refinery company’s financial results, released Thursday morning, showed marked improvement over the same period a year ago.