- Push-out Score determined
- After about six years in the position
- Praise, thanks and good wishes for Baker
- Paul Sternlieb taking over
- Baker said 108 words
(exechange) — Milwaukee, Wisconsin, September 29, 2021 — Randy Baker, chief executive of Enerpac, leaves. As announced by Enerpac Tool Group Corp. in a news release and in a regulatory filing published on Wednesday, September 29, 2021, Randal W. (Randy) Baker leaves his post as chief executive officer at the industrial tools and services company, after about six years in the role, effective October 8, 2021.
Randy Baker’s duties as CEO will be taken over by Paul E. Sternlieb, most recently Executive Vice President and President, Protein at John Bean Technologies Corporation.
The fact that Randy Baker’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“It is an appropriate time for me to step down”
Randy Baker’s departure from the CEO post is explained as follows. Baker said: “Having navigated through the pandemic and with the Company positioned for its next phase of execution, I believe it is an appropriate time for me to step down, and I decided to do so once the right successor was found.”
Precise information regarding Randy Baker’s future plans was not immediately available.
“Retire”
Enerpac said: “Mr. Sternlieb succeeds Randy Baker, who will retire from his role as President and CEO of the Company and as a member of the Board. Mr. Sternlieb’s appointment and Mr. Baker’s retirement are effective October 8, 2021.”
Enerpac further said: “On September 23, 2021, Randal W. Baker, President and Chief Executive Officer of Enerpac Tool Group Corp. (the “Company”), notified the Company of his determination to retire from such positions and from the Board of Directors (“Board”) of the Company effective on October 8, 2021.”
Share price decline since September 2018
The announcement follows a decline in Enerpac Tool Group Corp.’s share price of 21% since September 2018.
In the position of CEO since 2016
Randy Baker became CEO of the Company in 2016.
Baker has agreed to remain with the company through the end of the calendar year in an advisory capacity to ensure a smooth transition.
Baker was appointed President and Chief Executive Officer of the Company in March 2016.
Prior to joining the Company, Baker held multiple roles during his six-year tenure at Joy Global, including most recently as Chief Operating Officer.
Prior to Joy Global, Baker was an executive with Case New Holland Inc., holding a variety of roles including President and CEO of its agricultural equipment business.
Baker also held diverse leadership roles in marketing, sales, product development and engineering at Komatsu America Corporation, Ingersoll-Rand and Sandvik Corporation.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Randy Baker’s move on a scale of 0 to 10.
exechange reached out to Enerpac and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2021 ($).