CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. (NASDAQ:CLMT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
As previously disclosed, Stephen P. Mawer was expected to replace Timothy Go as Chief Executive Officer of Calumet GP, LLC (the “Company”), the general partner of Calumet Specialty Products Partners, L.P., on June 1, 2020. However, on April 3, 2020, the Board appointed Mr. Mawer to serve as the new Chief Executive Officer of the Company (“CEO”) and to replace Mr. Go effective immediately.
Mr. Go is expected to remain employed by the Company through the Separation Date as defined in the previously disclosed Transition and Separation Agreement, effective March 11, 2020, between Mr. Go and the Company. Until the Separation Date occurs, Mr. Go will continue providing services to the Company as may be requested by the Board and will assist with the successful transition of the new CEO. Until the Separation Date occurs, Mr. Go will continue to receive the same compensation and benefits as he was receiving prior to Mr. Mawer’s appointment.
There is no arrangement or understanding between Mr. Mawer and any other person to which Mr. Mawer was appointed as CEO effective as of April 3, 2020. There are no family relationships among Mr. Mawer and any directors or officers of the Company. There have been no transactions nor are there any proposed transactions between the Company and Mr. Mawer that would require disclosure to Item 404(a) of Regulation S-K.
About CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. (NASDAQ:CLMT)
Calumet Specialty Products Partners, L.P. is a producer of specialty hydrocarbon products. The Company operates through three segments. In its specialty products segment, the Company processes crude oil and other feedstocks into a range of customized lubricating oils, white mineral oils, solvents, petrolatums and waxes. Its specialty products are sold to domestic and international customers using its products as raw material components. It also blends and market specialty products through its Royal Purple, Bel-Ray, TruFuel and Quantum brands. In its fuel products segment, the Company processes crude oil into a range of fuel and fuel-related products, including gasoline, diesel, jet fuel, asphalt and heavy fuel oils, and resells purchased crude oil to third-party customers. Its oilfield services segment manufactures and markets products and provides oilfield services, including drilling fluids, completion fluids and solids control services to the oil and gas exploration industry.