MILWAUKEE, WI — Enerpac Tool Group Corp. announced Jan. 31 that Rick Dillon, who has served as the company’s executive vice president and chief financial officer since 2016, will depart from the company to pursue new opportunities. To ensure a smooth transition, Dillon will remain as CFO through April 30 or such later date as Dillon and the company may mutually agree.
The company has initiated a comprehensive search to identify Enerpac’s next CFO, and has retained a leading executive search firm to assist with the process. The search process will consider both internal and external candidates for the role.
Paul Sternlieb, president and CEO of Enerpac Tool Group, said, “On behalf of the Board and management team, I would like to thank Rick for his leadership, dedication to Enerpac, and his many contributions toward putting the Company on its path of long-term value creation. As we continue positioning Enerpac for enhanced growth and profitability, with a keen focus on creating shareholder value, we will look to identify a new finance leader for the next phase of the Company’s evolution. We appreciate that Rick will continue in his role to help ensure a smooth transition.”
READ MORE: Enerpac Tool Group Announces Oct. 8 CEO Succession - published Sept. 29, 2021
Dillon added, “I am deeply appreciative of the opportunity to have helped lead Enerpac and its finance team during our transformation into a pure-play industrial tools and services business and through the dynamic challenges and opportunities we have encountered during the pandemic. I am proud of the talented team we have built, and I have great confidence in the future of Enerpac. While I am excited to pursue the next steps in my own career, I look forward to continuing to serve as CFO throughout the transition.”
Dillon’s departure is not based on any disagreement with or irregularities in the Company’s operations, policies, accounting principles, practices, financial statements or disclosures.
EVP — marketing and Americas President
Enerpac announced Dec. 21, 2021 that Scott Vuchetich has joined the company as EVP – marketing and president – Americas. He will have responsibility for the commercial and operations activities in the Americas region, and will also lead the global marketing function, including all product management, commercial marketing, digital/e‑commerce, marketing communications, and branding efforts. Mr. Vuchetich will report to Paul Sternlieb, President & CEO of Enerpac Tool Group, and will serve on the company’s executive leadership team.
Vuchetich joins Enerpac Tool Group from Brady Corporation, a $1.1 billion global manufacturer of safety, identification, and compliance products. Most recently, he led Brady’s People ID division, a global business designing, manufacturing, and selling a comprehensive range of highly engineered products. Previously he was General Manager of the Industrial division’s Americas region, and also led global advanced identification technology developments for Brady. He has held roles of increasing scope and responsibility, with experience across multiple industries, driving organic and inorganic growth both domestically and internationally. Earlier in his career he was a consultant with Bain & Company, and also spent time living and working in Europe. He brings a strong focus on commercial execution and innovation, with a proven track record of delivering growth and performance improvement in his businesses. Vuchetich holds a Bachelor of Arts in Economics from Wesleyan University and an MBA from Harvard Business School.
Commenting on the announcement,Sternlieb noted, “I am pleased to welcome Scott to the Enerpac Tool Group leadership team, as we continue our focus on growth, efficiency, and simplification. In continuing to flatten our structure, Scott’s role combines what had previously been two roles within our company. This will enable us to further capitalize on growth opportunities in our markets by building a strategic roadmap for our product portfolio, and with a stronger connection between our marketing and commercial execution teams, extending that through selling our world-class offerings.”
Vuchetich added, “I am excited to be joining Enerpac Tool Group as it furthers its progress as a pure-play industrial tools and services company. I believe my background and experience across multiple industries will allow me to contribute to the company’s future success.”
Enerpac Tool Group is a premier industrial tools and services company serving a broad and diverse set of customers in more than 100 countries. The company’s businesses are global leaders in high-pressure hydraulic tools, controlled force products and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. The company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. www.enerpactoolgroup.com.