Helios Technologies Provides Update on Leadership Transition
Helios Technologies (NYSE: HLIO) has terminated Josef Matosevic as President, CEO, and Board member without severance for cause due to a violation of company policy. The violation involved a consensual personal relationship with an employee but did not involve financial misconduct. Sean Bagan will continue as Interim President and CEO, while Philippe Lemaitre remains Executive Chairman. The Board has initiated a comprehensive search for a permanent successor, considering both internal and external candidates.
The company emphasizes its commitment to upholding its values and Code of Business Conduct and Ethics. Despite the leadership transition, Helios remains focused on executing its strategy and capitalizing on growth opportunities.
Helios Technologies (NYSE: HLIO) ha terminato il rapporto con Josef Matosevic come Presidente, Amministratore Delegato e membro del Consiglio senza liquidazione, per giusta causa a causa di una violazione della politica aziendale. La violazione ha comportato una relazione personale consensuale con un dipendente, ma non ha comportato irregolarità finanziarie. Sean Bagan continuerà come Presidente e Amministratore Delegato ad interim, mentre Philippe Lemaitre rimane Presidente Esecutivo. Il Consiglio ha avviato una ricerca completa per un successore permanente, considerando sia candidati interni che esterni.
L'azienda sottolinea il proprio impegno a mantenere i propri valori e il Codice di Condotta e Etica Aziendale. Nonostante il cambiamento nella leadership, Helios rimane concentrata sull'esecuzione della propria strategia e sulla capitalizzazione delle opportunità di crescita.
Helios Technologies (NYSE: HLIO) ha puesto fin a la relación con Josef Matosevic como Presidente, CEO y miembro del Consejo sin indemnización por causa de una violación de la política de la empresa. La violación involucró una relación personal consensuada con un empleado, pero no implicó conducta financiera indebida. Sean Bagan continuará como Presidente y CEO interino, mientras que Philippe Lemaitre sigue siendo Presidente Ejecutivo. El Consejo ha iniciado una búsqueda exhaustiva de un sucesor permanente, considerando tanto candidatos internos como externos.
La empresa enfatiza su compromiso de mantener sus valores y su Código de Conducta y Ética Empresarial. A pesar de la transición en el liderazgo, Helios sigue centrada en la ejecución de su estrategia y en capitalizar oportunidades de crecimiento.
헬리오스 테크놀로지스 (NYSE: HLIO)는 회사 정책 위반으로 인해 요제프 마토세비치(Josef Matosevic)를 사장, CEO 및 이사직에서 해임했습니다. 위반 사항은 직원과의 합의된 개인 관계와 관련이 있었으나 재정적 부정행위는 포함되지 않았습니다. Sean Bagan은 임시 사장 및 CEO로 계속 일하며, Philippe Lemaitre는 집행 의장을 유지합니다. 이사회는 내부 및 외부 후보자를 고려하여 영구적인 후임자를 찾기 위한 포괄적인 검색을 시작했습니다.
회사는 자신의 가치와 비즈니스 행동 및 윤리 강령을 준수하는 데 대한 의지를 강조합니다. 리더십 전환에도 불구하고 헬리오스는 전략 실행 및 성장 기회 활용에 집중하고 있습니다.
Helios Technologies (NYSE: HLIO) a mis fin à la relation avec Josef Matosevic en tant que président, PDG et membre du conseil d'administration sans indemnité pour cause de violation de la politique de l'entreprise. La violation consistait en une relation personnelle consensuelle avec un employé, mais n'impliquait pas de mauvaise conduite financière. Sean Bagan continuera de servir en tant que président et PDG par intérim, tandis que Philippe Lemaitre reste président exécutif. Le conseil a lancé une recherche complète pour un successeur permanent, en considérant des candidats internes et externes.
L'entreprise souligne son engagement à maintenir ses valeurs et son Code de conduite et d'éthique. Malgré la transition de leadership, Helios reste concentrée sur l'exécution de sa stratégie et l'exploitation des opportunités de croissance.
Helios Technologies (NYSE: HLIO) hat Josef Matosevic als Präsidenten, CEO und Mitglied des Vorstands ohne Abfindung aus wichtigem Grund entlassen, aufgrund eines Verstoßes gegen die Unternehmenspolitik. Der Verstoß betraf eine einvernehmliche persönliche Beziehung zu einem Mitarbeiter, beinhaltete jedoch kein finanzielles Fehlverhalten. Sean Bagan wird weiterhin als Interimspräsident und CEO fungieren, während Philippe Lemaitre weiterhin als Exekutivvorsitzender tätig ist. Der Vorstand hat die umfassende Suche nach einem dauerhaften Nachfolger eingeleitet und dabei sowohl interne als auch externe Kandidaten berücksichtigt.
Das Unternehmen betont sein Engagement für die Einhaltung seiner Werte und des Verhaltenskodex. Trotz des Führungswechsels bleibt Helios auf die Umsetzung seiner Strategie und die Nutzung von Wachstumschancen fokussiert.
- Swift action taken by the Board to address policy violation
- Interim leadership in place to ensure continuity
- Comprehensive search initiated for a permanent successor
- No financial misconduct or integrity issues with company controls
- Unexpected termination of CEO may cause short-term instability
- Potential reputational damage due to leadership misconduct
- Uncertainty during leadership transition period
Sean Bagan had previously been appointed to serve as Interim President and Chief Executive Officer in addition to his role as Chief Financial Officer, and Philippe Lemaitre as Executive Chairman in addition to his role as Chairman. Both will continue in these roles while the search is underway.
“The Board does not tolerate any actions that are inconsistent with our Company’s values and code of conduct and upon notification of the allegations, took swift and decisive action to initiate a thorough investigation leveraging independent outside legal counsel,” said Mr. Lemaitre. “The Board is initiating a comprehensive search process to identify a permanent successor who will execute on our strategic priorities and help Helios capture the significant growth opportunities ahead. Importantly, we are focused on identifying a leader that believes in our purpose and embodies our shared values.”
“It has been impressive to observe the ongoing commitment of the Helios global team as they remain focused on delivering the quality of products and level of service our customers expect,” said Mr. Bagan. “I am committed to leading the ongoing execution of our strategy while building upon the positive momentum we are generating throughout our organization to create long term value for all our stakeholders.”
About Helios Technologies
Helios Technologies is a global leader in highly engineered motion control and electronic controls technology for diverse end markets, including construction, material handling, agriculture, energy, recreational vehicles, marine and health and wellness. Helios sells its products to customers in over 90 countries around the world. Its strategy for growth is to be the leading provider in niche markets, with premier products and solutions through innovative product development and acquisition. The Company has paid a cash dividend to its shareholders every quarter since becoming a public company in 1997. For more information please visit: www.heliostechnologies.com and follow us on LinkedIn.
FORWARD-LOOKING INFORMATION
This news release contains “forward‐looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward‐looking statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied by such statements. They include statements regarding current expectations, estimates, forecasts, projections, our beliefs, and assumptions made by Helios Technologies, Inc. (“Helios” or the “Company”), its directors or its officers about the Company and the industry in which it operates, and assumptions made by management, and include among other items, (i) the Company’s strategies regarding growth, including its intention to develop new products and make acquisitions; (ii) the effectiveness of creating the Centers of Excellence; (iii) trends affecting the Company’s financial condition or results of operations; (iv) the Company’s ability to continue to control costs and to meet its liquidity and other financing needs; (v) the Company’s ability to declare and pay dividends; and (vi) the Company’s ability to respond to changes in customer demand domestically and internationally, including as a result of the cyclical nature of our business and the standardization. In addition, we may make other written or oral statements, which constitute forward-looking statements, from time to time. Words such as “may,” “expects,” “projects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words, and similar expressions are intended to identify such forward-looking statements. Similarly, statements that describe our future plans, objectives or goals also are forward-looking statements. These statements are not guaranteeing future performance and are subject to a number of risks and uncertainties. Our actual results may differ materially from what is expressed or forecasted in such forward-looking statements, and undue reliance should not be placed on such statements. All forward-looking statements are made as of the date hereof, and we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Factors that could cause the actual results to differ materially from what is expressed or forecasted in such forward‐looking statements include, but are not limited to, (i) the Company’s ability to respond to global economic trends and changes in customer demand domestically and internationally, including as a result of standardization and the cyclical nature of our business, which can adversely affect the demand for capital goods; (ii) supply chain disruption and the potential inability to procure goods; (iii) conditions in the capital markets, including the interest rate environment and the availability of capital on terms acceptable to us, or at all; (iv) global and regional economic and political conditions, including inflation (or hyperinflation) exchange rates, changes in the cost or availability of energy, transportation, the availability of other necessary supplies and services and recession; (v) changes in the competitive marketplace that could affect the Company’s revenue and/or cost bases, such as increased competition, lack of qualified engineering, marketing, management or other personnel, and increased labor and raw materials costs; (vi) risks related to health epidemics, pandemics and similar outbreaks, which may among other things, adversely affect our supply chain, material costs, and work force and may have material adverse effects on our business, financial position, results of operations and/or cash flows; (vii) risks related to our international operations, including the potential impact of the ongoing conflict in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240729830365/en/
Tania Almond
Vice President, Investor Relations and Corporate Communication
(941) 362-1333
tania.almond@HLIO.com
Deborah Pawlowski
Kei Advisors LLC
(716) 843-3908
dpawlowski@keiadvisors.com
Source: Helios Technologies
FAQ
Why was Josef Matosevic terminated from Helios Technologies (HLIO)?
Who is currently leading Helios Technologies (HLIO) after Matosevic's termination?
Will Helios Technologies (HLIO) be looking for a new permanent CEO?
Did the policy violation at Helios Technologies (HLIO) involve any financial misconduct?
