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Companies Calumet

Calumet (CLMT): executive pay, fiscal 2025

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CEO total pay$6,799,276CEO Todd Borgmann · source
Say-on-pay support97.6%Latest vote · source
CEO vs. named peers42nd pct.Of 20 peer CEOs
CEO pay ratio71.4:1To the median employee · source

CEO pay, last three years

  • $2,502,040FY2023
  • $1,429,541FY2024
  • $6,799,276FY2025

CEO total pay was $6,799,276 in fiscal 2025, up from $1,429,541 in fiscal 2024.

FY2025: salary $950,000 · bonus $0 · stock awards $4,455,029 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Calumet in fiscal 2025?
As disclosed, Todd Borgmann (President & Chief Executive Officer) was the highest-paid executive at Calumet in fiscal 2025, with total compensation of $6,799,276.
How does Calumet's chief executive pay compare to its disclosed peer group?
As disclosed, Todd Borgmann's total compensation ranked at the 42nd percentile of Calumet's disclosed peer group.
What is Calumet's CEO-to-median employee pay ratio?
As disclosed, Calumet's CEO-to-median employee pay ratio was 71.4:1.
How did shareholders vote on Calumet's executive compensation?
As disclosed, 97.6% of shareholders supported Calumet's executive compensation in the latest say-on-pay vote.
How much does Calumet spend in total on board compensation for fiscal 2025?
As disclosed, Calumet reported total board compensation of $2,546,258 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Todd Borgmann$950,000$0$4,455,029$0$1,287,593$0$106,654$6,799,276
President & Chief Executive Officer
Scott Obermeier492,8470785,7870639,445020,4801,938,559
President - Specialties
Bruce Fleming532,4780748,7790468,4230177,5491,927,229
Executive Vice President - Montana Renewables & Corporate Strategy
David Lunin491,8560799,8260595,877021,0721,908,631
Executive Vice President - Chief Financial Officer
Gregory Morical415,5340491,6180359,964034,2761,301,391
Senior Vice President, General Counsel & Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Todd Borgmann$6,799,276$1,429,541$2,502,040↑ +5,369,735
Scott Obermeier1,938,559721,831765,614↑ +1,216,728
Bruce Fleming1,927,229978,1632,233,970↑ +949,066
David Lunin1,908,6311,240,963—↑ +667,668
Gregory Morical1,301,391567,087864,501↑ +734,304

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policy—
Anti-hedging—
Anti-pledging—
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Bruce FlemingRSU2025-02-25——18,498—$287,274
David LuninRSU2025-02-25——12,761—198,178
Scott ObermeierRSU2025-02-25——12,590—195,523
Scott ObermeierRSU2025-02-25——24,157—375,158
Bruce FlemingRSU2025-02-25——14,150—219,750
David LuninRSU2025-02-25——24,701—383,607
Gregory MoricalRSU2025-02-25——8,085—125,560
Todd BorgmannRSU2025-02-25——100,933—1,567,489
Todd BorgmannRSU2025-02-25——88,538—1,374,995
Gregory MoricalRSU2025-02-25——14,679—227,965

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Bruce Fleming$507,024$0$00.0%
David Lunin581,785000.0%
Scott Obermeier570,681000.0%
Gregory Morical353,525000.0%
Todd Borgmann2,942,484000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Gregory MoricalPSU2,695—$53,550
Scott ObermeierPSU4,196—83,375
David LuninPSU4,253—84,507
Bruce FlemingPSU4,716—93,707
Todd BorgmannPSU29,512—586,403
Scott ObermeierRSU70,491—1,400,656
Gregory MoricalRSU76,602—1,522,082
David LuninRSU90,355—1,795,354
Bruce FlemingRSU180,987—3,596,212
Todd BorgmannRSU417,844—8,302,560
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Stephen P. MawerNot independent · Risk · Strategy and Growth$137,500$338,333———$475,833
Paul C. Raymond IIIIndependent · Audit · Strategy and Growth (Chair)99,250183,083———282,333
Amy M. SchumacherIndependent · Nominating/Governance · Compensation · Governance92,750180,917———273,667
John (“Jack”) G. BossIndependent · Audit · Compensation (Chair)103,000160,300———263,300
Karen A. TwitchellIndependent · Audit · Nominating/Governance108,375150,000———258,375
Daniel J. SajkowskiIndependent · Nominating/Governance · Governance · Risk (Chair)98,750150,000———248,750
Jennifer G. StrauminsIndependent · Risk · Not standing for re-election · Departed during FY87,500150,000———237,500
Karen G. NarwoldIndependent · Nominating/Governance (Chair) · Compensation · Governance · Newly elected48,000100,000———148,000
Julio QuintanaIndependent · Audit · Risk · Newly elected46,250100,000———146,250
James S. CarterIndependent · Departed during FY54,62559,250———113,875
Daniel L. SheetsIndependent · Departed during FY48,37550,000———98,375

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$100,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 10,000 / 12,000
Stock ownership guidelineDirectors and executives are subject to robust stock ownership guidelines to promote meaningful, long-term equity ownership.

Total cost of the board

ComponentFY2025
Cash retainers and fees$924,375
Equity awards (grant-date value)$1,621,883
All other compensation$0
Total cost of the board$2,546,258

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Calumet as a peer

Companies that benchmark against CLMT

3 companies name CLMT as a compensation peer

The list of companies that name CLMT as a peer is temporarily unavailable — recheck shortly.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Calumet names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Huntsman Corporation2025Peter R. Huntsman$1,334,125$10,513,393$0$1,329,561$14,666,623
2Ingevity Corporation2025David Li810,6858,500,0862,000,0071,293,60012,839,719
3Olin Corporation2025Kenneth Lane1,100,0007,486,98401,069,6409,798,424
4Darling Ingredients Inc.2025Randall Stuewe1,284,2316,681,03001,328,1129,402,554
5Cabot Corporation2025Sean Keohane1,100,0004,224,8472,274,9251,402,5019,307,883
6H.B. Fuller Company2025Celeste Mastin1,082,6922,971,9763,025,5381,339,8918,830,569
7CVR Energy, Inc.2025David Lamp1,200,0001,678,68302,034,0008,602,449
8The Chemours Company2025Denise Dignam1,058,8363,368,2252,909,6771,175,7818,595,076
9Innospec Inc.2025Patrick Williams1,380,5485,285,62301,365,3368,252,747
10Ashland Inc.2025Guillermo Novo1,152,3325,233,86301,313,8307,907,423
11Delek US Holdings, Inc.2025Avigal Soreq900,0004,832,19501,895,5447,683,786
12Calumet2025Todd Borgmann950,0004,455,02901,287,5936,799,276
13Koppers Holding Inc.2025Leroy Ball975,0005,145,824006,358,244
14Avient Corporation2025Ashish Khandpur1,128,2693,763,1590753,7775,818,257
15Par Pacific Holdings, Inc.2025William Monteleone806,7312,249,99801,336,3254,414,054
16Stepan Company2025Luis Rojo940,0002,279,746800,003230,3004,327,042
17Quaker Chemical Corporation2025Joseph Berquist800,0002,420,3190461,8403,709,451
18NewMarket Corporation2025Thomas Gottwald1,275,333368,1880750,0003,694,678
19Green Plains Inc.2025Chris Osowski476,8082,234,9980686,0003,497,755
20Kronos Worldwide Inc.2025Brian Christian2,063,000——02,063,000

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Calumetnot disclosednot disclosednot disclosednot disclosed
Ashland Inc.90.4%not disclosedYes — Relative Total Shareholder Return (rTSR)Meridian Compensation Partners
Avient Corporation51.6%not disclosednot disclosednot disclosed
Cabot Corporation90%not disclosedNoMeridian Compensation Partners
CVR Energy, Inc.113%RSU 100not disclosedNone (not engaged in 2025)
Darling Ingredients Inc.70%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
Delek US Holdings, Inc.not disclosedRSU 50 · PSU 50not disclosedPay Governance LLC
Green Plains Inc.98%PSU 50 · RSA 50NoPay Governance
H.B. Fuller Companynot disclosednot disclosednot disclosedWillis Towers Watson US LLC
Huntsman Corporationnot disclosednot disclosedYes — Relative TSRMeridian Compensation Partners, LLC
Ingevity Corporationnot disclosedPSU 50 · RSU 50not disclosedPearl Meyer
Innospec Inc.not disclosednot disclosednot disclosedWillis Towers Watson
Koppers Holding Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Kronos Worldwide Inc.not disclosednot disclosednot disclosednot disclosed
NewMarket Corporationnot disclosedPRSU 100NoFrederic W. Cook & Co., Inc. (FWC)
Olin Corporationnot disclosedPSU 60 · RSU 40not disclosedExequity LLP
Par Pacific Holdings, Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Quaker Chemical Corporationnot disclosedPSU 60 · RSU 40not disclosedMeridian Compensation Partners
Stepan Companynot disclosedRSU 50 · SAR 25 · PSU 25not disclosedExequity LLP
The Chemours Companynot disclosedOptions 50 · PSU 25 · RSU 25Yes — Relative Total Shareholder Return (rTSR)Fariant

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0250,222,235956,685276,08797.6%Passed
20252025-06-1040,897,636851,240259,04497.36%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-06-0297.6%a
20252025-06-1097.36%b

a. Approved under the standard stated in the filing — “Calumet, Inc. Information About the Meeting Quorum, Effect of Abstentions and Broker Non-Votes, and Vote Required to Approve the Proposals A majority of the voting power of our common stock outstanding and entitled to vote at the meeting must be present or represented by proxy at the Annual Meeting in order to have a quorum for the transaction of business at the Annual Meeting.”.

b. Approved under the standard stated in the filing — “Calumet, Inc. Information About the Meeting Quorum, Effect of Abstentions and Broker Non-Votes, and Vote Required to Approve the Proposals A majority of the voting power of our common stock outstanding and entitled to vote at the meeting, must be present or represented by proxy at the Annual Meeting in order to have a quorum for the transaction of business at the Annual Meeting.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)71.4 : 1
CEO total compensation$6,799,276
Median employee compensation$95,221
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (55 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Todd Borgmann. DEF 14A, filed 2026-04-20. Section “Summary Compensation Table” · page 44. As printed: 6,799,276. View filing ↗
  • Section 01, Scott Obermeier. DEF 14A, filed 2026-04-20. Section “Summary Compensation Table” · page 44. As printed: 1,938,559. View filing ↗
  • Section 01, Bruce Fleming. DEF 14A, filed 2026-04-20. Section “Summary Compensation Table” · page 44. As printed: 1,927,229. View filing ↗
  • Section 01, David Lunin. DEF 14A, filed 2026-04-20. Section “Summary Compensation Table” · page 44. As printed: 1,908,631. View filing ↗
  • Section 01, Gregory Morical. DEF 14A, filed 2026-04-20. Section “Summary Compensation Table” · page 44. As printed: 1,301,391. View filing ↗
  • Section 03, Bruce Fleming RSU. DEF 14A, filed 2026-04-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, David Lunin RSU. DEF 14A, filed 2026-04-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Scott Obermeier RSU. DEF 14A, filed 2026-04-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Scott Obermeier RSU. DEF 14A, filed 2026-04-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Bruce Fleming RSU. DEF 14A, filed 2026-04-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, David Lunin RSU. DEF 14A, filed 2026-04-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Gregory Morical RSU. DEF 14A, filed 2026-04-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Todd Borgmann RSU. DEF 14A, filed 2026-04-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Todd Borgmann RSU. DEF 14A, filed 2026-04-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Gregory Morical RSU. DEF 14A, filed 2026-04-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-20. Section “CEO Pay Ratio”. As printed: 71.4 : 1. View filing ↗
  • Section 08, Stephen P. Mawer. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 475,833. View filing ↗
  • Section 08, Paul C. Raymond III. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 282,333. View filing ↗
  • Section 08, Amy M. Schumacher. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 273,667. View filing ↗
  • Section 08, John (“Jack”) G. Boss. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 263,300. View filing ↗
  • Section 08, Karen A. Twitchell. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 258,375. View filing ↗
  • Section 08, Daniel J. Sajkowski. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 248,750. View filing ↗
  • Section 08, Jennifer G. Straumins. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 237,500. View filing ↗
  • Section 08, Karen G. Narwold. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 148,000. View filing ↗
  • Section 08, Julio Quintana. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 146,250. View filing ↗
  • Section 08, James S. Carter. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 113,875. View filing ↗
  • Section 08, Daniel L. Sheets. DEF 14A, filed 2026-04-20. Section “Director Compensation”. As printed: 98,375. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-06-03. Item 5.07 · say-on-pay result. As reported: 97.6% (votes for as printed: 50,222,235). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-06-16. Item 5.07 · say-on-pay result. As reported: 97.36% (votes for as printed: 40,897,636). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 924,375 + equity 1,621,883 + all other 0 = 2,546,258, summed across the director compensation table rows.
  • Huntsman Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Huntsman Corporation's own proxy. As printed: 14,666,623. View filing ↗
  • Ingevity Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-17. CEO total compensation as printed in Ingevity Corporation's own proxy. As printed: 12,839,719. View filing ↗
  • Olin Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in Olin Corporation's own proxy. As printed: 9,798,424. View filing ↗
  • Darling Ingredients Inc., Section 10b CEO total. DEF 14A, filed 2026-03-19. CEO total compensation as printed in Darling Ingredients Inc.'s own proxy. As printed: 9,402,554. View filing ↗
  • Cabot Corporation, Section 10b CEO total. DEF 14A, filed 2026-01-27. CEO total compensation as printed in Cabot Corporation's own proxy. As printed: 9,307,883. View filing ↗
  • H.B. Fuller Company, Section 10b CEO total. DEF 14A, filed 2026-03-04. CEO total compensation as printed in H.B. Fuller Company's own proxy. As printed: 8,830,569. View filing ↗
  • CVR Energy, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in CVR Energy, Inc.'s own proxy. As printed: 8,602,449. View filing ↗
  • The Chemours Company, Section 10b CEO total. DEF 14A, filed 2026-03-10. CEO total compensation as printed in The Chemours Company's own proxy. As printed: 8,595,076. View filing ↗
  • Innospec Inc., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Innospec Inc.'s own proxy. As printed: 8,252,747. View filing ↗
  • Ashland Inc., Section 10b CEO total. DEF 14A, filed 2025-12-09. CEO total compensation as printed in Ashland Inc.'s own proxy. As printed: 7,907,423. View filing ↗
  • Delek US Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-10. CEO total compensation as printed in Delek US Holdings, Inc.'s own proxy. As printed: 7,683,786. View filing ↗
  • Calumet (subject), Section 10b CEO total. DEF 14A, filed 2026-04-20. CEO total compensation as printed in Calumet's own proxy. As printed: 6,799,276. View filing ↗
  • Koppers Holding Inc., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Koppers Holding Inc.'s own proxy. As printed: 6,358,244. View filing ↗
  • Avient Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Avient Corporation's own proxy. As printed: 5,818,257. View filing ↗
  • Par Pacific Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in Par Pacific Holdings, Inc.'s own proxy. As printed: 4,414,054. View filing ↗
  • Stepan Company, Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in Stepan Company's own proxy. As printed: 4,327,042. View filing ↗
  • Quaker Chemical Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Quaker Chemical Corporation's own proxy. As printed: 3,709,451. View filing ↗
  • NewMarket Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-12. CEO total compensation as printed in NewMarket Corporation's own proxy. As printed: 3,694,678. View filing ↗
  • Green Plains Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Green Plains Inc.'s own proxy. As printed: 3,497,755. View filing ↗
  • Kronos Worldwide Inc., Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Kronos Worldwide Inc.'s own proxy. As printed: 2,063,000. View filing ↗
  • Section 10a, Par Pacific Holdings, Inc. reciprocity. DEF 14A. Par Pacific Holdings, Inc. names Calumet in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Green Plains Inc. reciprocity. DEF 14A. Green Plains Inc. names Calumet in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Delek US Holdings, Inc. reciprocity. DEF 14A. Delek US Holdings, Inc. names Calumet in its own disclosed peer group (read from its most recent proxy). View filing ↗
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