- Signs for push-out forces
- After around eleven years on the job
- Laud, praise and thanks for Murray
- West Griffin taking over
- Murray will remain as Chief Accounting Officer at Calumet
(management-change.com) — Indianapolis, Indiana, January 05, 2017 — Patrick Murray, finance chief of Calumet, leaves the position. It is an abrupt change. As announced by Calumet Specialty Products Partners, L.P. in a news release on Thursday, January 05, 2017, Patrick Murray leaves the post as Chief Financial Officer at the producer of specialty hydrocarbon and fuels products in a surprising move after around eleven years on the job, effective immediately.
It is the end of an era.
Murray’s duties are taken over by D. West Griffin, a former Chief Financial Officer at Energy XXI.
The fact that Murray’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider doesn’t have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“A perfect fit for Calumet at this time”
A reason for the sudden change was not explicitly given. Timothy Go, Chief Executive Officer, said: “West’s deep energy experience and history of navigating numerous energy cycles, makes him a perfect fit for Calumet at this time.”
Murray will remain as Chief Accounting Officer at Calumet
Murray will serve in the new position of VP & Chief Accounting Officer (CAO) at Calumet. This new leadership position will be responsible for further developing key organizational functions including all accounting, IT, and external reporting.
Share price decline
The change follows a decline in the share price of Calumet Specialty Products Partners, L.P. since December 2015.
Chaired by Fred M. Fehsenfeld, Jr.
Calumet Specialty Products Partners, L.P. is chaired by Fred M. Fehsenfeld, Jr.
Fehsenfeld, Jr. has served as the chairman of the board of the general partner since September 2005.
Timothy Go serves as CEO of Calumet Specialty Products Partners, L.P. Go was appointed Chief Executive Officer of Calumet Specialty Products Partners, L.P. effective January 1, 2016.
On the job as CFO since 2005
Patrick Murray, II has served as executive vice president, chief financial officer and secretary of the general partner since October 2014.
From December 2012 through October 2014, Murray served as senior vice president, chief financial officer and secretary of the general partner.
From September 2005 through December 2012, Murray served as vice president, chief financial officer and secretary of the general partner.
Murray served as the vice president and chief financial officer of the Predecessor from 1999 until the initial public offering and served as its controller from 1998 to 1999.
From 1993 to 1998, Murray was a senior auditor with Arthur Andersen LLP.
Murray received his B.B.A. in Accountancy from the University of Notre Dame.
Signs for push-out forces
It is not completely certain what forces eventually triggered Patrick Murray’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 02.2017 ($).