MILWAUKEE - Enerpac Tool Group Corp. (NYSE:EPAC), a global provider of industrial tools and solutions, today announced the upcoming departure of Executive Vice President and Chief Financial Officer Anthony Colucci. Colucci will remain in his current role until March 1, 2024, to support a smooth transition as he moves to an executive position at a private equity firm.
The company has launched a search for Colucci's successor and has engaged a top executive search firm to assist in the process. In the meantime, P. Shannon Burns has been named Interim Principal Financial (NASDAQ:PFG) Officer, and Patrick Dawson has been appointed as Interim Principal Accounting Officer. Both Burns and Dawson joined Enerpac in November 2022, bringing with them a wealth of experience from their previous roles in finance and accounting.
President and CEO Paul Sternlieb expressed gratitude for Colucci's contributions, particularly noting his role in the successful execution of Enerpac's ASCEND transformation program. The program has reportedly achieved its expected benefits ahead of schedule, contributing to the company's enhanced efficiency and profitability.
Colucci reflected positively on his tenure at Enerpac, highlighting the operational and financial improvements during his time with the company and expressing his confidence in the team's ability to continue pursuing their growth strategy.
The company clarified that Colucci's departure is not due to any disagreements or irregularities concerning Enerpac's operations, policies, accounting principles, practices, financial statements, or disclosures.
Enerpac Tool Group, with a history dating back to 1910, specializes in high-pressure hydraulic tools and controlled force products, providing technology and services for precise positioning of heavy loads. The company operates in over 100 countries and is headquartered in Menomonee Falls, Wisconsin.
This announcement is based on a press release statement from Enerpac Tool Group.
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