Enerpac Tool Group names new president
Enerpac Tool Group Corp. has appointed Paul Sternlieb as president and chief executive officer.
Sternlieb succeeds Randy Baker, who will retire from his role as president and CEO and as a member of the board. The changes are effective Oct. 8, 2021. Baker has agreed to remain with the company through the end of the calendar year in an advisory capacity to ensure a smooth transition.
“It has been an honor to serve as CEO of Enerpac over the last five years,” said Baker. “With the support of the entire team, we have made significant progress repositioning the business and driving positive change across our organization. Having navigated through the pandemic and with the Company positioned for its next phase of execution, I believe it is an appropriate time for me to step down, and I decided to do so once the right successor was found. I am very proud of all we have accomplished together and am confident in Paul’s and the Enerpac team’s ability to continue growing and transforming the Company following my retirement.”
Sternlieb has more than 25 years of leadership experience across several sectors, including at global industrial and manufacturing businesses. He most recently served as executive vice president and president, Protein, at John Bean Technologies, and previously held senior positions at Illinois Tool Works, Danaher, H.J. Heinz, and McKinsey & Company.
Fourth quarter sales
The industrial tools and services company also reported results for its fiscal fourth quarter. Net sales from continuing operations were $145 million in the fourth quarter of fiscal 2021, slightly lower than expectations due to continued supply chain challenges, logistics constraints and COVID related lockdowns, compared to $111 million in the comparable prior year period.
Net income from continuing operations was $6.5 million compared to $0.2 million in the prior year comparable period.
For the full year, sales of $529 million increased 7 percent from $493 million the previous year. Net income of $40.2 million, or 67 cents per diluted share, compared to income of $5.6 million, or 9 cents, in fiscal year 2020.
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