Posted December 1, 2021

Enerpac executives to depart company

Two Enerpac Tool Group Corp. executives will leave the company effective Dec. 10, as part of a company inititative to simplify its organizational structure.

These actions are intended to create a more nimble and agile company and establish a strong foundation for growth, the company said. Jeff Schmaling, executive vice president and chief operating officer, and Fabrizio Rasetti, executive vice president, general counsel and secretary, will depart from the company. James Denis, currently assistant general counsel, will serve as acting general counsel.

“Enerpac is laying a foundation for growth, built on our strong brands, global breadth, outstanding customer relationships, talented employees, and solid balance sheet. We are continuing our journey towards a high-performance organization, with an on-going process of simplifying, flattening, and realigning our organizational structure. This will allow us to create a nimbler company while ensuring we have the right capabilities to accelerate growth and generate shareholder value,” said Paul Sternlieb, president and chief executive officer. Sternlieb became president and CEO this month, succeeding Randy Baker, who has retired but will remain in an advisory capacity until the end of the year.

Milwaukee-based Enerpac is an industrial tools and services company serving a broad and diverse set of customers in more than 100 countries. The company's sales for fiscal 2021 were $529 million, a gain of 7 percent from $493 million the previous year.