Calumet Names Interim CFO
Indianapolis-based Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) has named Todd Borgmann senior vice president & interim chief financial officer. Borgmann began his role earlier this month following the departure of former CFO Keith Jennings.
In his role, Borgmann will lead Calumet’s treasury, tax, information technology and capital market activities. Calumet says he will also manage the company’s balance sheet and work to improve its corporate finance capabilities.
“We are excited and fortunate to transition Todd into the CFO role as he brings over 12 years of experience with Calumet across a variety of management roles and responsibilities,” said Chief Executive Officer Steve Mawer. “His deep understanding of Calumet’s business and sharp financial mind make him perfect for the role as we remain focused on driving positive cash flow from operations, enhancing our liquidity, and improving the Partnership’s balance sheet and leverage metrics.”
Calumet also named Vincent Donargo as its chief accounting officer. Donargo has served in the role on an interim basis since June.
Additionally, the company is reporting second quarter net income of $3.6 million, compared to a net loss of $16.8 million during the same period last year.
“While the global pandemic has negatively impacted demand across a number of Calumet’s end markets, the diversity of both our business and our customer base allowed us to drive quality results this quarter, and has proven the resilience of our businesses,” said Mawer. “As expected, we observed a general softening of demand in April, with sales volumes initially declining before troughing in May as the global pandemic negatively impacted industrial and commodity markets. Since then, we have observed broader incremental improvement to demand, and as sales volumes have begun rebounding, margin performance has remained steady.”