Menomonee Falls-based Enerpac Tool Group is making changes to flatten and simplify its organizational structure, leading to the departure of two executive vice presidents.
Jeff Schmaling, EVP and chief operating officer, and Fabrizio Rasetti, EVP, general counsel and secretary, were notified Tuesday that they would no longer serve in their roles as of Dec. 10.
“Enerpac is laying a foundation for growth, built on our strong brands, global breadth, outstanding customer relationships, talented employees, and solid balance sheet,” said Paul Sternlieb, president and chief executive officer of Enerpac. “We are continuing our journey towards a high-performance organization, with an on-going process of simplifying, flattening, and realigning our organizational structure. This will allow us to create a nimbler company while ensuring we have the right capabilities to accelerate growth and generate shareholder value.”
Both Schmaling and Rasetti will qualify for severance under Enerpac’s senior officer severance plan. The plan offers a year annual salary, lump sum bonus payments, a year of medical, dental and vision benefits and other benefits related to stock options, retirement plans and outplacement services.
Sternlieb said both Schmaling and Rasetti had made significant contributions in reshaping the company. Enerpac has gone through a number of changes in recent years, shifting away from a more diversified business into one focused on providing industrial tools and services. The changes included renaming the company from Actuant to Enerpac.
More recently, the company has undergone a leadership change with Sternlieb taking over as CEO for Randy Baker, who retired from the company. When he announced his retirement, Baker said he felt someone else should lead the company as it continues to execute on a strategy that includes acquisition plans.
“I have always felt that if you acquire, you need to run it,” Baker told analysts in September. “You can’t just decide to retire mid-stream if you acquire something, particularly if it is something of scale.”