Calumet Announces Intention to Nominate Julio Quintana and Karen Narwold to Board of Directors; and Wasserstein Debt Opportunities Expresses Support

INDIANAPOLIS, March 17, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we") today announced that Julio Quintana and Karen Narwold have been selected as nominees for election to the Board of Directors of Calumet (the "Board") at the Company's 2025 Annual Meeting of Stockholders (the "Annual Meeting"). 

After successfully guiding the Company through the transition from a master limited partnership (MLP) to a C-Corporation, Jim Carter and Dan Sheets have informed the Board of their decision not to seek re-election and to retire at the end of their terms following the Annual Meeting. In connection with the Company's ongoing governance transition process, Calumet's Board worked with Spencer Stuart, a director search firm, and engaged with Wasserstein Debt Opportunities ("WDO"), to identify and select highly qualified independent director candidates who align with Board and shareholder priorities.

"I would like to thank Jim and Dan for their significant contributions to Calumet," said Todd Borgmann, CEO of Calumet. "During their tenure, we have achieved several important milestones, including the successful conversion to a C-Corporation, the establishment of Montana Renewables, and securing a $1.4 billion Department of Energy loan. Additionally, these directors have provided valuable input to the revamping of our Specialties business, positioning us for strong, resilient cash flow generation. Together with the entire Board, their efforts have laid the foundation for the next phase of Calumet's transformation, focusing on deleveraging, cash flow growth, accretive asset monetization, and the expansion of Montana Renewables into a leading global producer of sustainable aviation fuel, also sometimes referred to as synthetic aviation fuel."

Steve Mawer, Chair of the Calumet Board said, "The Board is excited to announce its intention to nominate Karen and Julio for election to the Board at the Annual Meeting. Julio and Karen bring decades of experience as executives and public energy and chemical company board members. As Chair of the Board, I aim to continue to enhance our governance and engage with our shareholders regarding Calumet's strategic priorities. To this end, I am encouraged by the support and contributions of our shareholders."

Rajay Bagaria, President and Chief Investment Officer of WDO, commented, "WDO has confidence in Calumet's management team and commends the Board for its ability to navigate complex challenges while supporting management in executing the Company's transformation and delivering the Department of Energy loan. The Board's proactive engagement with its shareholders highlights the continued evolution of Calumet's governance under its new C-Corp structure. We believe Julio and Karen will bring complementary skill sets to the Board as Calumet executes on deleveraging transactions, participates in the industry margin recovery, and works towards the successful monetization of MRL."

About Julio Quintana
Mr. Quintana is a retired oil and gas executive who was with Tesco Corporation from 2004 to 2015. While at Tesco, Mr. Quintana served as the President and Chief Executive Officer and as a member of Tesco's Board of Directors. Prior to his appointment as President and Chief Executive Officer, Mr. Quintana served as Executive Vice President and Chief Operating Officer. Prior to Tesco, Mr. Quintana worked for Schlumberger Corporation from 1999 to 2004 as Vice President of Integrated Project Management and Vice President of Marketing for the Americas. Prior to Schlumberger, Mr. Quintana worked for nearly 20 years for Unocal Corporation, an integrated E&P company, in various operational and managerial roles.

Mr. Quintana currently serves on the Board of Directors of Newmont Corporation, where he is a member of the Corporate Governance and Nominating Committee and Chair of the Leadership Development and Compensation Committee. He also serves as Chair of the Board of Directors and Chair of the Executive Committee of SM Energy Company. Additionally, Mr. Quintana previously served on the Board of Directors of California Resources Corporation from 2020 until 2024 and Basic Energy Services from 2016 until 2021. He holds a Bachelor of Science in Mechanical Engineering from the University of Southern California.

About Karen Narwold
Ms. Narwold is a retired executive who was Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary of Albemarle Corporation from 2010 to 2023. She previously served in a variety of leadership roles with Symmetry Holdings and its related companies from 2007 - 2010, including General Counsel to Symmetry Holdings, Vice President, Chief Administrative Officer and General Counsel at Barzel Industries (acquired by Symmetry Holdings and f/k/a Novamerican Steel) and Advisor at Symmetry Advisors. She worked for five years in private legal practice, followed by 16 years in roles of increasing leadership responsibility with GrafTech International, Ltd., including Vice President, General Counsel, Human Resources and Company Secretary.

Ms. Narwold currently serves on the Board of Directors of Ingevity, where she is Chair of the Sustainability and Safety Committee, a member of the Audit Committee, and a member of the Executive Committee. She is NACD Directorship Certified and holds a Bachelor of Arts in Political Science from the University of Connecticut and a Juris Doctor from the University of Connecticut School of Law.

About Calumet

Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements and information in this press release may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us and include those related to future cash flows, monetization, deleveraging, governance and growth of the Company. 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. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include actions by shareholders or nominees, market conditions, regulatory changes, and factors discussed in our filings with Securities and Exchange Commission ("SEC"), including our latest Annual Report on Form 10-K and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. 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, Inc.