Jennifer G. Straumins
About Jennifer G. Straumins
Independent director with 25+ years across specialty chemicals, downstream operations and finance. She joined Calumet’s board in July 2024 (previously on the General Partner board since February 2021), is age 51, and holds a B.E. in Chemical Engineering (Vanderbilt) and an MBA (University of Kansas). She is designated independent and serves on the Risk and Strategy & Growth Committees, bringing specialty chemicals and operating insight from prior leadership and founder roles.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Calumet Specialty Products Partners (pre-conversion) | Various positions (employee) | 13 years | Deep operating familiarity with Calumet’s businesses |
| Maverick Performance Products | Founding member; Chair of the Board | Through acquisition in 2024 | Oversight of growth and exit; chair leadership experience |
| Great Lakes Chemical Company | Financial planning roles | Not disclosed | Chemicals finance background |
| Exxon Chemical Company | Financial planning roles | Not disclosed | Energy/chemicals finance background |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Wincoram Asset Management | Director | Not disclosed | Current directorship (private) |
| ZXP Technologies | Director | Not disclosed | Current directorship (private) |
Board Governance
- Independence: Calumet’s Board determined 8 of 10 directors are independent; Ms. Straumins is designated independent (IND) .
- Committees: Member, Risk Committee; Member, Strategy & Growth Committee. Post-Annual Meeting composition continues to include her on both (Risk met 4× in 2024; Strategy & Growth met 4×) .
- Attendance: In 2024, the Board met 7× and committees met 28× collectively; no director attended fewer than 75% of their aggregate Board/committee meetings .
- Board leadership and independent oversight: Non-independent Chair; Lead Independent Director (Karen A. Twitchell) empowered to run executive sessions and coordinate agendas/information flow to independents .
Fixed Compensation (Director)
| Component | Amount | Source/Notes |
|---|---|---|
| Annual cash retainer (non-employee director) | $80,000 | Standard fee |
| Strategy & Growth Committee member fee | $5,000 | Non-chair member fee |
| Risk Committee member fee | $2,500 | “All other” committee member fee |
| Total cash fees (2024, reported) | $87,500 | Matches individual director compensation table |
Performance Compensation (Director)
| Equity Instrument | Grant Value | Vesting/Performance | Notes |
|---|---|---|---|
| Annual RSU award (non-employee director) | $100,000 | Time-based RSUs (annual director grant); no performance metrics disclosed | 2024 reported for Ms. Straumins |
No meeting fees disclosed beyond committee/retainer structure. Directors may defer fees into the Deferred Compensation Plan; 2024 matching grants were disclosed for certain directors, but Ms. Straumins is not listed among those who received deferred-match RSUs in 2024 .
Other Directorships & Interlocks
| Company | Public/Private | Role | Potential Interlock/Notes |
|---|---|---|---|
| Wincoram Asset Management | Private | Director | No transaction disclosures with Calumet |
| ZXP Technologies | Private | Director | No transaction disclosures with Calumet |
| Monument Chemical (counterparty) | Private | — | Calumet sold ~$7.3m to Monument (and bought ~$0.1m); Monument is owned in part by The Heritage Group and Ms. Straumins. Another Calumet director, Paul C. Raymond III, is CEO of Monument Chemical, creating a notable interlock. Board deemed relationships immaterial and maintained independence determinations (amounts <1% of counterparties’ revenues; ordinary course; market terms) . |
Expertise & Qualifications
- Specialty chemicals and downstream operations expertise; prior Calumet operating experience (13 years) .
- Financial planning experience at Great Lakes Chemical and Exxon Chemical .
- Governance leadership as former chair and founder at Maverick Performance Products (through 2024 acquisition) .
- Formal engineering and business credentials (Vanderbilt B.E. ChemE; University of Kansas MBA) .
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership | 1,184,589 shares; indicated as less than 1% of outstanding common stock (as of 4/14/2025) |
| Outstanding RSUs (incl. Deferred Comp units) | 17,478 (as of 12/31/2024) |
| Hedging/pledging | Company policy prohibits shorting, hedging, and pledging by directors and employees, enhancing alignment |
Governance Assessment
-
Strengths and positive signals
- Independent director with deep specialty chemicals and Calumet-specific operating knowledge, positioned on Risk and Strategy & Growth committees—aligned with her domain expertise .
- Strong engagement signal: Board and committees met frequently in 2024 with no director below 75% attendance; her committees met 4× each .
- Balanced director pay mix (cash fees and time-based RSUs), with straightforward structure and transparent schedule; 2024 cash $87.5k and RSUs $100k .
- Policy prohibiting hedging/pledging supports ownership alignment and reduces risk of misaligned incentives .
-
Risks and potential conflicts (monitor)
- Related-party exposure via Monument Chemical: Calumet sold ~$7.3m to Monument and purchased ~$0.1m; Monument is owned in part by The Heritage Group and Ms. Straumins; another director is Monument’s CEO. The Board reviewed and deemed transactions immaterial and on market terms (amounts <1% of counterparties’ revenues), and affirmed independence, but the interlock plus Heritage’s governance rights warrant continued oversight .
- Sponsor influence: The Heritage Group holds board designation rights and committee representation while it retains ≥5% ownership; consent rights over board size and Chair changes for a period—this can constrain board flexibility; not specific to Ms. Straumins but relevant to overall board dynamics .
-
Gaps/unknowns
- No director-specific attendance percentage disclosed (only aggregate compliance ≥75%) .
- No director stock ownership guidelines disclosed (executive ownership guidelines also not adopted); alignment relies on RSU programs and trading policies .
Overall: Ms. Straumins adds directly relevant chemicals/operations acumen to Calumet’s risk and strategy oversight. The Monument/Heritage ecosystem creates perceived conflict risk; however, the Board’s independence determinations, related-party policy, and disclosed immateriality thresholds mitigate—investors should monitor for any expansion of related-party transactions or committee decisions that could affect minority shareholders .