Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT), a leading independent producer of specialty hydrocarbon and fuels products based in Indianapolis, Indiana, U.S.A., announced that L. Todd Borgmann will serve as senior vice president and interim chief financial officer (CFO) effective September 1, 2020, following an orderly transition with the current EVP & CFO, H. Keith Jennings, who is leaving the organization effective August 31, 2020.
Jennings became EVP and CFO on January 1, 2020. He joined Calumet from Eastman Chemical Company where he served most recently as vice president, Finance. Upon his departure from Calumet, Jennings will join Weatherford International plc (OTC Pink: WFTLF) as executive vice president and chief financial officer, effective September 1, 2020, the company announced on Monday. Weatherford is a leading wellbore and production solutions company operating in more than 80 countries.
As Interim CFO, Borgmann will help execute Calumet’s ongoing transformation strategy to become a premier specialty products company.
Calumet also named Vincent Donargo as chief accounting officer (CAO) effective August 10, 2020. Donargo has served as interim CAO since June. He will lead Calumet’s accounting function and will continue the work to improve the company’s internal controls.
“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 Steve Mawer, Calumet CEO. “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. We are also looking forward to continuing to work with Vince as our chief accounting officer. Vince brings extensive public company finance experience and has done an excellent job as our interim CAO.”
Borgmann has more than 12 years of experience with Calumet, serving across a diverse set of management roles. For the last five years, Borgmann served as vice president of Supply & Trading, developing extensive knowledge of petroleum markets, refining operations and risk management. Borgmann has also served as Calumet’s vice president of Business Development and director of White Oils and Petrolatums sales. Borgmann earned a Bachelor of Science in Industrial Engineering from Purdue University and a Masters of Business Administration from the University of Notre Dame.
Prior to joining Calumet, Donargo served as chief accounting officer at Celadon Group Inc., a public transportation and logistics provider with more than USD1 billion in annual revenue, a role in which he served since November 2017. Previously, Donargo served in a variety of financial and accounting roles, including chief financial officer and treasurer of Beaulieu Group, and executive vice president of Finance Operations at Brightstar Corporation. Donargo earned a Bachelor of Arts from Rutgers University.