A top executive will leave Menomonee Falls-based Enerpac Tool Group as of April 1 as the company aims to simplify and flatten its organizational structure.
[caption id="attachment_565970" align="alignleft" width="150"] Barb Bolens[/caption]
On March 2, the company, a provider of industrial tools and services, told Barb Bolens her position as executive vice president and chief strategy officer would be eliminated and she would no longer serve in the role as of April 1.
Enerpac reported net sales of $571 million in net sales for its 2022 fiscal year, which ended in August, up from $529 million the prior year. Net earnings came in at $20 million for the year, down from $40 million in 2021.
In the first quarter of fiscal 2023, sales were up 6.5% to $139 million and net earnings improved from $2.8 million to $7.5 million.
The elimination of her position makes Bolens eligible for the company’s senior officer severance plan, which offers a lump-sum payment of one year’s base salary, annual bonus at target levels, and the company portion of health benefits. The plan also includes vesting of stock options and other stock grants, retirement benefits and outplacement services.
Bolens has been with Enerpac, and its predecessor Actuant, since 2018. She joined the company after six years at Komastu Mining and Joy Global. Prior to Joy Global, she worked at Quad/Graphics and spent a number of years in various financial roles at Brady Corp.