Scott Obermeier
About Scott Obermeier
Scott Obermeier, age 52, is Executive Vice President — Specialties at Calumet, Inc. (CLMT) since January 2023; he previously served as EVP — Specialty Products & Solutions and EVP — Commercial, and has been with Calumet since November 2017 after 10 years at Univar Solutions leading its global organic chemicals business. He holds a B.A. in Chemistry Marketing from the University of Northern Iowa . Under his tenure within the Specialties business, Calumet reported record sales volume in 2024, while company-level performance featured revenue of approximately $4.2 billion, a 23% share price increase in 2024 (3-year cumulative TSR ~67%), and Adjusted EBITDA of $194.8 million, albeit below incentive thresholds due to margin compression .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Calumet, Inc. | EVP — Specialties | 2023–present | Leads Specialties segment; Company highlighted record Specialties sales volume in 2024 |
| Calumet, Inc. | EVP — Specialty Products & Solutions; EVP — Commercial | Not disclosed | Senior leadership in Specialties and Commercial functions |
| Calumet, Inc. | Vice President | Since Nov 2017 | Advanced commercial excellence and specialty chemicals focus |
| Univar Solutions Inc. | Vice President; led global organic chemicals business | 10 years | Managed global distributor’s organic chemicals business |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $397,220 | $445,250 | $468,949 |
| Base Salary as of Year-End ($) | — | $452,000 | $474,600 |
| All Other Compensation ($) | $22,616 | $17,594 | $18,407 |
| 401(k) Matching ($) | — | — | $17,250 |
| HSA Matching ($) | — | — | — |
| Term Life Premiums ($) | — | — | $1,697 |
Performance Compensation
| Program | Metric | Weighting | Target/Range | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| 2024 Annual Cash Bonus | Adjusted EBITDA (Company) | Not explicitly weighted; primary funding metric | Min $230.0mm; Target $345.0mm; Stretch $460.0mm | $194.8mm (below min) | $234,475 to Obermeier (committee discretion based on strategic achievements) | Cash (2024 payout) |
| 2025 Annual Incentive | Adjusted EBITDA | 60% | Threshold/Target/Max goals; subject to FCF threshold | Not disclosed | 0–200% of target | Cash (2025 plan) |
| 2025 Annual Incentive | Operational priorities (safety, cost, reliability, strategic) | 40% | Pre-determined objectives; subject to FCF threshold | Not disclosed | 0–100% of target; ±20% individual multiplier | Cash (2025 plan) |
| 2025 LTI (PSUs) | Relative TSR (vs S&P SmallCap 600) | 33% | 3-year period (1/1/25–12/31/27); cap 100% if TSR negative | Not disclosed | 0–150% of target | Service vest through 12/31/2027 |
| 2025 LTI (PSUs) | Net deleveraging | 33% | 1-year period (2025) | Not disclosed | 0–150% of target | Service vest through 12/31/2027 |
| 2025 LTI (PSUs) | Strategic initiatives | 33% | 1-year period; qualitative assessment with quarterly progress | Not disclosed | 0–150% of target | Service vest through 12/31/2027 |
| 2025 LTI (RSUs) | Time-based RSUs | 50% | Cliff vest at 3-year anniversary of grant | — | — | Cliff vest at 3 years |
Additional notes:
- 2024 LTI awards for executives were not earned under formula due to EBITDA below threshold; the Board later approved target LTIP awards granted in 2025 (reported in 2025 compensation), reinforcing retention despite 2024 underperformance .
- No stock options were granted in 2024, and there were no option holdings or exercises disclosed for 2024 .
Equity Ownership & Alignment
| Snapshot | Common Shares Beneficially Owned | Vested RSUs | Unvested RSUs | Ownership % of Outstanding |
|---|---|---|---|---|
| As of Apr 14, 2025 | 224,150 | 0 | 73,427 | Less than 1% (per proxy) |
Vesting schedule of unvested RSUs (as of 12/31/2024):
| Vesting Date | Shares |
|---|---|
| Feb 22, 2025 | 31,606 |
| Feb 21, 2026 | 24,090 |
Outstanding RSUs not vested as of 12/31/2024: 55,696, with a market value of $1,226,426 (based on $22.02 closing price) . Updated unvested RSUs as of 4/14/2025: 73,427, reflecting 2025 grants .
Alignment and policies:
- No executive stock ownership requirements adopted; equity ownership fostered via LTIP .
- Hedging and pledging of company stock are prohibited; short sales not allowed .
Employment Terms
| Provision | Details |
|---|---|
| Employment agreements | None; executives operate under offer letters and broad policy frameworks |
| Change-in-Control Protection Plan (double trigger) | For Obermeier: 1.0x (base salary + target annual bonus); 12 months medical/dental/vision; up to $10,000 outplacement; accelerated vesting of all unvested time- and performance-based awards (performance awards at greater of target or actual) |
| CIC quantified (as of 12/31/2024) | Cash severance $949,200; LTIP RSUs accelerated $1,226,426; health care $33,388; outplacement $10,000; total $2,219,014 |
| Disability coverage | Executive long-term disability supplement; 60% of monthly earnings up to $15,000/month until normal retirement age |
| Clawback | Compliant with Nasdaq Listing Standard 5608 (Rule 10D-1); 3-year lookback from restatement; applies to incentive comp received on/after Oct 2, 2023 |
| Non-compete / non-solicit | Not disclosed |
Multi-Year Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $397,220 | $445,250 | $468,949 |
| Bonus ($) | — | $302,770 | $234,475 |
| Stock Awards ($) | $470,000 | — | — |
| Non-Equity Incentive ($) | $610,830 | — | — |
| All Other Compensation ($) | $22,616 | $17,594 | $18,407 |
| Total ($) | $1,500,666 | $765,614 | $721,831 |
Compensation Structure Observations
- Shift toward balanced 2025 incentives: 60% Adjusted EBITDA and 40% operational priorities, with PSUs linked to relative TSR, deleveraging, and strategic initiatives—an increased emphasis on stockholder-aligned and multi-metric performance versus prior EBITDA-heavy design .
- 2024 discretion: Despite missing EBITDA minimum, cash bonuses were paid based on strategic achievements (conversion to C-Corp, DOE loan progress, safety, reliability/cost improvements), while formulaic LTI was not earned for 2024 but subsequently granted at target in 2025 to maintain retention .
- No options granted in 2024; RSUs remain the primary equity vehicle, which lowers risk versus options and supports retention via 3-year cliff vesting .
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (Loss) ($mm) | (173.3) | 48.1 | (222.0) |
| Adjusted EBITDA ($mm) | 390.0 | 260.5 | 194.8 |
| Cumulative TSR (from 12/31/2021) | 127.88 → 166.82 for company (Initial $100 to $166.82 in 2024) | ||
| Stock Price Change in 2024 | +23% | ||
| Specialties Segment | Record sales volume achieved in 2024 |
Highlights: Company achieved record Specialties sales, strong operational milestones, and strategic transactions (DOE loan tranche; Royal Purple industrial asset sale ~$105mm), while EBITDA underperformed due to commodity margin compression .
Equity Ownership & Guidelines
- Beneficial ownership: 224,150 common shares; total exposure including unvested RSUs 297,577 (common + RSUs) as of 4/14/2025 .
- Ownership guidelines: None adopted; however, insider trading policy restricts trading windows and prohibits shorting, hedging, and pledging—reducing alignment risks .
Compensation Peer Group (2025)
Peers used to calibrate compensation include Ashland, Avient, Cabot, CVR Energy, Darling Ingredients, Delek US, H.B. Fuller, Green Plains, Huntsman, Ingevity, Innospec, Koppers, Kronos Worldwide, Minerals Technologies, NewMarket, Olin, Par Pacific, Quaker Chemical, Stepan, Chemours, Tronox; selected based on market cap, revenue, operations, and industry fit .
Governance, Perquisites, and Deferred Comp
- Perquisites: Executive physicals; no spousal/family travel reimbursements in 2024; Obermeier’s “All Other Compensation” comprised primarily of 401(k) match and term life premiums .
- Deferred compensation: No contributions or balances disclosed for Obermeier in 2024 .
Investment Implications
- Pay-for-performance tightening: The 2025 incentive redesign adds multi-metric accountability (EBITDA, TSR, deleveraging, strategic initiatives) and preserves at-risk equity via PSUs/RSUs, improving alignment but maintaining retention through 3-year vesting—reducing near-term voluntary turnover risk .
- Selling pressure watch: Material RSU vesting cadence (31.6k in Feb 2025; 24.1k in Feb 2026) creates event-driven liquidity windows; however, no hedging/pledging allowed and trades constrained to windows, moderating forced selling risk .
- CIC economics: Double-trigger CIC terms (1.0x salary+bonus and full acceleration) are standard but could incentivize stability pre-transaction; total Obermeier CIC value ~$2.22mm as of 12/31/2024 underscores potential deal-related executive incentives .
- Execution lens: Record Specialties volumes and strategic progress in 2024 juxtaposed with EBITDA miss suggest strong operational execution within Specialties against external margin headwinds; 2025 metrics tie pay to deleveraging and TSR, directly linking compensation to equity value creation .