Rick Dillon plans to leave his role as chief financial officer of Menomonee Falls-based Enerpac Tool Group by the end of April, the company announced Monday.
Dillon has been CFO and executive vice president of the company, a maker of industrial tools and services, since 2016.
“I am deeply appreciative of the opportunity to have helped lead Enerpac and its finance team during our transformation into a pure-play industrial tools and services business and through the dynamic challenges and opportunities we have encountered during the pandemic,” Dillon said. “I am proud of the talented team we have built, and I have great confidence in the future of Enerpac. While I am excited to pursue the next steps in my own career, I look forward to continuing to serve as CFO throughout the transition.”
Enerpac said it has started a comprehensive search for its next CFO and retained “a leading executive search firm” for the process. While Dillon plans to stay on through April 30, the company said his tenure could extend longer if both sides agree to a later date.
Paul Sternlieb, president and chief executive officer of Enerpac, thanked Dillon for his leadership and contributions “toward putting the company on its path of long-term value creation.
“As we continue positioning Enerpac for enhanced growth and profitability, with a keen focus on creating shareholder value, we will look to identify a new finance leader for the next phase of the company’s evolution,” Sternlieb said. “We appreciate that Rick will continue in his role to help ensure a smooth transition.”
Enerpac has seen a significant amount of leadership change in recent months. Randy Baker retired as CEO in October and was replaced by Sternlieb.
In December, two executive vice presidents, Jeff Schmaling and Fabrizio Rasetti, left Enerpac as the company worked to flatten its organization structure. Schmaling was chief operating officer and Rasetti was general counsel.
Later in December, the company announced the hiring of Scott Vuchetich as executive vie president for market and president of its Americas business. Vuchetich came to Enerpac from Brady Corp.