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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Calumet Specialty Products Partners LP’s Chief Financial Officer Vince Donargo—a veteran financial executive who has worked for several Indianapolis public companies—plans to step down from his position Dec. 31 and retire from Calumet at the end of April.
Calumet announced Tuesday that it has hired David Lunin, 42, to succeed Donargo. Lunin will serve as executive vice president and CFO designate until becoming CFO on Jan. 1, the company said.
After stepping down as CFO, Donargo, 63, will continue in an advisory role until his retirement. Donargo joined Calumet as chief accounting officer in August 2020 and was promoted to CFO in May 2022. He previously was CFO at Novus Capital Corp., Celadon Group and Brightpoint Inc., and corporate controller at Aearo Technologies.
Lunin comes to Calumet from Goldman Sachs in New York City, where he worked for 13 years in a variety of investment banking roles, including covering the commodity and specialty chemical industries.
Calumet, which makes a range of specialty products and renewable fuels, operates 12 facilities throughout North America. Its newest property is Montana Renewables, which it acquired in 2021. The facility, which uses feedstocks to make renewable diesel, sustainable aviation fuel and other products, began production late last year.
In public filings, Calumet has said it expects to monetize its investment in Montana Renewables through an initial public offering and/or bringing on strategic partners. The company would then use that money to reduce its existing debt.
“We are excited to welcome David to the Calumet team,” CEO Todd Borgmann said in a written statement. “His capital markets experience will be essential as we execute on our strategic deleveraging priority and the potential monetization of Montana Renewables.”
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