Randy Baker plans to retire as CEO of Menomonee Falls-based Enerpac Tool Group as of Oct. 8. He will be replaced by Paul Sternlieb, who most recently served as an executive at Chicago-based John Bean Technologies. Baker has been CEO of Enerpac, and its predecessor Actuant, for the past five years. He called the role
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Paul Sternlieb[/caption]
Sternlieb said Enerpac had made “impressive strides” in becoming a pure play industrial tools and services business.
“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,” Sternlieb said. “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.”
While the official transition will take place Oct. 8, Baker will stay on as a consultant through the end of the year.
Sternlieb will have an annual base salary of $750,000, plus eligibility for company bonus programs. He will also receive a $415,000 signing bonus, relocation assistance and a one-year temporary housing allowance.
Baker will continue to receive his current base salary through the end of the year.