Dive Brief:
- Industrial tool maker Enerpac Tool Group’s CFO of two years, Anthony Colucci, will be stepping down to take on a new role at a private equity firm, according to a Thursday press release.
- The company appointed P. Shannon Burns, its head of financial planning, operations and decision support as its interim CFO, and said it hired an executive search firm to find a permanent successor. Patrick Dawson, Enerpac’s corporate controller, will serve as interim principal accounting officer.
- Colucci, who joined the Menomonee Falls, Wisconsin-based company as its CFO effective May 2022, will stay on in his role as finance chief until March 1 to ensure an orderly transition, the company said.
Dive Insight:
Enerpac offers industrial tools including high-pressure hydraulics, presses and heavy lifting technology. Burns, 53, joined the company in November 2022 in his current role as head of decision support. Prior to moving to Enerpac, he served an 11-year span at the Harley-Davidson Motor Company, holding roles including director of finance, LiveWire and head of investor relations, according to his LinkedIn profile.
Dawson, 45, has served as corporate controller since joining the company in 2022. He previously served as director of accounting for INNIO and as controller of EPIC Systems Corporation, according to his LinkedIn profile.
In association with their interim roles, Burns and Dawson will be granted restricted stock units with a value of $150,000 and $100,000, respectively, according to a company filing with the Securities and Exchange Commission. The units will be granted during Enerpac’s next quarterly award date, on or about March 15, according to the filing.
While Enerpac is working with an executive search firm to find their next finance chief, interim leadership can serve as a path to fulfilling the role on a permanent basis. Last month, CVS Health appointed its interim CFO Thomas Cowhey as its full-time finance chief, following in the steps of companies such as Hertz which had made similar moves in late 2023, CFO Dive previously reported.
The leadership swaps come as the industrial tool and services provider looks to capitalize on strong growth in its most recent quarter, following a “realignment” of the company’s organizational structure which has led to some early cost synergies, CEO Paul Sternlieb said during Enerpac’s first quarter earnings call in December.
The company reorganized into three geographical segments, including the Americas, Europe, Middle East and Africa and Asia Pacific, a move that Enerpac anticipate will drive “additional cost savings as well as revenue synergies going forward,” Sternlieb said.
Enerpac reported net sales of $142 million for its most recent quarter ended Nov. 30, a 1.9% increase year-over-year, according to its earnings results. The industrial tool provider also affirmed its full-year guidance for its fiscal 2024, anticipating net sales between $590 million to $605 million.
Enerpac did not immediately respond to requests for comment on the CFO transition.
