The chairman and co-founder of Indianapolis-based Calumet Specialty Products Partners (Nasdaq: CLMT) has announced his retirement, setting off a chain of leadership changes at the petroleum products manufacturer. The company says Fred Fehsenfeld will retire effective May 1.
Current Chief Executive Officer Steve Mawer will assume the role of executive chairman of the board.
“Fred is a legendary entrepreneur and co-founder of Calumet, and his retirement will be felt deeply,” said Mawer. “We sincerely appreciate his service as our chairman. While we’ll miss Fred as a leader and a friend, we’ve prepared well for this transition that will shuffle our roles but maintain the same leadership team with the same strategy.”
Current Executive Vice President and Chief Financial Officer Todd Borgmann will assume the role of CEO. Chief Accounting Officer Vince Donargo has been promoted to EVP & CFO.