Helios Technologies Removes CEO for Policy Violations and Initiates Search for Successor

Helios Technologies has concluded an investigation and determined that Josef Matosevic breached company policy and exhibited behavior contrary to the company’s values and Code of Business Conduct and Ethics. This included a consensual personal relationship with an employee. The investigation found no financial misconduct or issues with the company’s financial systems or controls. Consequently, the Board terminated Matosevic’s roles as President, Chief Executive Officer, and Board member without severance for cause. A comprehensive search for a permanent successor, considering both internal and external candidates, has been initiated.

Currently, Sean Bagan, who had been appointed Interim President and CEO alongside his role as Chief Financial Officer, and Philippe Lemaitre, serving as executive Chairman in addition to his position as Chairman, will continue in their respective roles during the search process.

Sean Bagan praised the dedication of the Helios global team, noting their focus on delivering high-quality products and services. He expressed his commitment to leading the ongoing execution of the company’s strategy and building upon the positive momentum to create long-term value for all stakeholders.

Philippe Lemaitre emphasized the Board’s commitment to upholding company values and ethics, noting the swift and decisive action taken upon learning of the allegations. He stated that the Board is dedicated to finding a successor who will drive Helios’ strategic priorities and capitalize on growth opportunities, ensuring the new leader aligns with the company’s purpose and values.

Josef Matosevic, who had been in his position since June 9, 2020, was placed on paid leave on July 1 prior to his termination.

Helios Technologies is a provider of engineered motion control and electronic controls technology across various markets, including construction, material handling, agriculture, energy, recreational vehicles, marine, and health and wellness, operating under several brands.

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