How Borgmann was paid
$6.8M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Stock | Incentive | Other | Total |
|---|---|---|---|---|---|
| Todd BorgmannPresident & Chief Executive Officer | $950,000 | $4,455,029 | $1,287,593 | $106,654 | $6,799,276 |
| David LuninExecutive Vice President - Chief Financial Officer | $491,856 | $799,826 | $595,877 | $21,072 | $1,908,631 |
| Bruce FlemingExecutive Vice President - Montana Renewables & Corporate Strategy | $532,478 | $748,779 | $468,423 | $177,549 | $1,927,229 |
| Scott ObermeierPresident - Specialties | $492,847 | $785,787 | $639,445 | $20,480 | $1,938,559 |
| Gregory MoricalSenior Vice President, General Counsel & Secretary | $415,534 | $491,618 | $359,964 | $34,276 | $1,301,391 |
What changed and why
- $6.8MTodd Borgmann received total compensation of $6,799,276 in fiscal year 2025 compared to $1,429,541 in the prior year.
- $33.8MCalumet recorded a net loss of $33.8 million while Adjusted EBITDA with Tax Attributes reached $293.3 million.
- 97%Stockholders expressed overwhelming support with approximately 97% of votes cast in favor of Say-on-Pay.
- 3%The Compensation Committee approved base salary merit and targeted increases ranging from 3% to 25% for named executives.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.