Calumet Announces CFO Transition
The chief financial officer of Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is set to leave his role by the end of the year. Officials say West Griffin will stay with the company as a consultant and help facilitate a smooth transition for his replacement.
The company says it is currently wrapping up its search process for a new CFO with a strong finance and chemicals background to succeed Griffin.
Griffin said he made several accomplishments within the company that made him feel comfortable transitions from his current position. "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," he said.
"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 and sacrifice to ensure the success of Calumet, and I want to thank him for all of his hard work and leadership," said Calumet’s Chief Executive Officer Tim Go.