Enerpac Tool Group has announced that after five years with the Company, Randy Baker has decided to retire as President, CEO, and a member of the Enerpac Board of Directors.
“It has been an honor to serve as CEO of Enerpac over the last five years,” said Mr. 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 Enerpac’s ability to continue growing and transforming the Company following my retirement.”
Paul Sternlieb has been appointed the new President and CEO of Enerpac and a member of the Board. Mr. Sternlieb is a seasoned executive with more than 25 years of leadership experience across several sectors, including at global industrial and manufacturing businesses, most recently serving as Executive Vice President and President, Protein, at John Bean Technologies (JBT), a leading global technology solutions provider to high-value segments of the food processing and air transportation industries. He previously worked in senior positions at Illinois Tool Works (ITW), Danaher, H.J. Heinz and McKinsey & Company. Mr. Sternlieb brings deep expertise across the operational spectrum, and his customer-focus, understanding of industrial markets, track record and extensive experience across a range of key value drivers give the Board tremendous confidence that he and our deep bench of talent will lead the Company to great heights.
Mr. Sternlieb said, “I am excited to join Enerpac and honored to be leading such a talented team committed to developing and delivering high-precision and high-quality industrial tools and services to customers around the world. The Enerpac Board and management team have made impressive strides transforming the Company into a premier pure play industrial tools and services company. This is an important time for Enerpac, as the Company executes on its growth and profitability strategies while managing through a challenging market environment created by the uneven global recovery from the pandemic. I look forward to working with the team and the Board to continue navigating this dynamic market, capture growth opportunities, and create value for shareholders.”
Mr. Sternlieb’s appointment and Mr. Baker’s retirement are effective October 8, 2021. Each are committed to ensuring a smooth transition for our company, customers, and all our stakeholders. In addition, Mr. Baker will be serving as a consultant through the end of the calendar year as a resource to Mr. Sternlieb and the team during this transition.