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Calumet, Inc. (NASDAQ:CLMT), a Delaware-incorporated petroleum refining company with a market capitalization of $1.3 billion, announced the results of its 2025 Annual Meeting held on June 10, 2025. The Indianapolis-based company, which has seen its stock surge nearly 15% in the past week according to InvestingPro data, reported that its stockholders voted on several key proposals, with the following outcomes:
Proposal 1 saw the election of four Class I director nominees. John "Jack" G. Boss, Stephen P. Mawer, Karen Narwold, and Julio Quintana were elected as directors, each to serve until the 2028 Annual Meeting of Stockholders. The votes for each nominee were overwhelmingly in favor, with a minor percentage withheld and a significant number of broker non-votes. These directors will face significant challenges, as InvestingPro analysis shows the company operates with a significant debt burden and weak gross profit margins of just 3.1%.
Proposal 2 involved a non-binding advisory vote on executive compensation, which received approval from the majority of stockholders with 40,897,636 votes for, 851,240 against, and 259,044 abstentions. There were also 25,991,156 broker non-votes recorded for this proposal.
Proposal 3 addressed the frequency of future advisory votes on executive compensation. Stockholders expressed their preference for annual votes on this matter, with 41,196,941 votes for a 1-year frequency, 119,286 for 2 years, and 510,710 for 3 years. There were 180,983 abstentions and 25,991,156 broker non-votes. In response, Calumet plans to hold annual advisory votes on executive compensation until the next required vote on the frequency or until the Board decides otherwise.
Proposal 4 sought ratification for the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. This proposal was ratified with a vast majority of 67,570,344 votes for, 193,850 against, and 234,882 abstentions.
The detailed voting results reflect shareholder support for the company’s executive compensation practices and the re-election of its board members. Calumet’s leadership, including Executive Vice President and Chief Financial Officer David Lunin, who signed off on the SEC filing, will continue to guide the company in line with shareholders’ affirmations.
The information in this article is based on a press release statement from Calumet, Inc. detailing the official results of the 2025 Annual Meeting as filed with the SEC.
In other recent news, Calumet Specialty Products Partners reported a significant earnings miss for the first quarter of 2025, with an earnings per share (EPS) of -$1.87, falling short of the forecasted -$0.38. However, the company exceeded revenue expectations, posting $993.9 million against a forecast of $919.3 million. Calumet’s Specialty Products and Performance Brands segments contributed positively, with adjusted EBITDA of $56.3 million and $15.8 million, respectively. BofA Securities initiated coverage on Calumet with a Buy rating and a price target of $15.00, highlighting the potential growth from its MaxSAF project aimed at expanding renewable jet fuel capacity. The MaxSAF project, supported by temporarily interest-free loans from the Department of Energy, is expected to significantly enhance Calumet’s EBITDA between 2025 and 2027. The company is also advancing its MaxSAF project with reduced capital requirements, which could lead to a substantial reduction in its leverage. Management’s strategic focus on cost reduction and liquidity improvements was emphasized, with the company reporting improved liquidity of $347 million at the end of the first quarter. These developments reflect Calumet’s strategic positioning within the biofuel industry and its potential for future growth.
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