Enerpac Tool Group: CFO Transition and the Future of Financial Leadership

In a recent announcement, Enerpac Tool Group Corp. shared the news of a transition in its Chief Financial Officer (CFO) position. Anthony Colucci, the current Executive Vice President and CFO, will be stepping down to assume an executive role at a private equity firm. While Mr. Colucci will remain as CFO through March 1, 2024, to assist with the transition, Enerpac has initiated a comprehensive search for its next CFO.

The transition in the CFO position marks an important change for Enerpac Tool Group, a premier industrial tools, services, technology, and solutions provider. The company serves a diverse set of customers and end markets in more than 100 countries, making complex and hazardous jobs possible safely and efficiently.

Enerpac Tool Group is known for its global leadership in high-pressure hydraulic tools, controlled force products, and solutions for precise positioning of heavy loads. With a rich history dating back to 1910, the company has continuously evolved and adapted to meet the needs of its customers.

Under Mr. Colucci's leadership, Enerpac Tool Group successfully implemented the ASCEND transformation program, which achieved its expected benefits a year ahead of schedule. This program has enabled Enerpac to become a more efficient, productive, and profitable enterprise. The company's President and CEO, Paul Sternlieb, expressed his gratitude to Mr. Colucci for his contributions and wished him all the best in his new position.

Mr. Colucci himself expressed his pride in the significant operational and financial improvements achieved during his tenure at Enerpac. He believes that the company is well-positioned for the future, and he wishes the team continued success as they execute the exciting growth strategy.

Meanwhile, Enerpac Tool Group has appointed P. Shannon Burns as the Interim Principal Financial Officer and Patrick Dawson as the Interim Principal Accounting Officer during the search for a new CFO. Both executives bring a wealth of experience and expertise to their respective roles.

P. Shannon Burns joined Enerpac in November 2022 as the Head of the Business Decision Support Office. With a background in finance and leadership roles at companies like Harley-Davidson, Molson Coors, and Ernst & Young, Mr. Burns has the necessary skills to navigate the financial landscape of Enerpac Tool Group. He holds a Bachelor's degree in Accounting from the University of Wisconsin-Oshkosh and is a graduate of Marquette University's Executive MBA program.

Patrick Dawson, who started his career with Enerpac in November 2022 as the Corporate Controller, also brings valuable experience to the interim role. Prior to joining Enerpac, Mr. Dawson held positions at INNIO Waukesha and Epic Systems Corporation. With a strong foundation in public accounting from Deloitte and a Bachelor of Business Administration in Accounting and a Masters of Accountancy from the University of Wisconsin-Madison, Mr. Dawson is well-equipped to contribute to Enerpac's financial operations.

It is important to note that Mr. Colucci's decision to step down as CFO does not reflect any disagreement or irregularities in Enerpac Tool Group's operations, policies, accounting principles, practices, financial statements, or disclosures. The company remains committed to its core values of transparency and accountability.

As Enerpac Tool Group continues its search for the next CFO, it is clear that financial leadership will play a crucial role in shaping the future of the company. The new CFO will have the opportunity to build upon the foundation laid by Mr. Colucci and contribute to Enerpac's growth and success.

In conclusion, Enerpac Tool Group's announcement of a CFO transition marks an important milestone for the company. With a legacy of innovation and a commitment to excellence, Enerpac remains focused on delivering comprehensive industrial tools, services, technology, and solutions to its global customer base. The company's interim financial leadership, along with its ongoing search for a new CFO, positions it well for continued growth and success in the future.