Helios Technologies terminates CEO

Helios Technologies said it has completed a previously announced investigation and determined that Josef Matosevic violated company policy and demonstrated behavior that was inconsistent with the company’s shared values and Code of Business Conduct and Ethics, which included a consensual personal relationship between Matosevic and an employee. The violation of company policy did not involve financial misconduct, or the integrity of the company’s financial systems or controls. The Board terminated Matosevic as President, Chief Executive Officer and Board member without severance for cause and is initiating a comprehensive search process to identify a permanent successor.

The process will include internal and external candidates.

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 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.”

Matosevic was originally named to the position on June 9, 2020. He was placed on paid leave on July 1.

“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 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.”

Helios Technologies is a supplier of engineered motion control and electronic controls technology for diverse end markets, including construction, material handling, agriculture, energy, recreational vehicles, marine and health and wellness under a number of different brands.