Helios Technologies, a global leader in highly engineered motion control and electronic controls technology, has announced a leadership team update. The company's board of directors has appointed Sean Bagan as interim President and Chief Executive Officer, effective immediately. Bagan, who has been serving as the Chief Financial Officer since 2023, brings over 20 years of international business, strategic financial operations, and leadership experience, having spent 23 years at Polaris Inc., a global leader in powersports and off-road innovation.
In addition to Bagan's appointment, Philippe Lemaitre has been appointed as interim Executive Chairman, effective July 1, 2024. Lemaitre, who has been serving as the Chairman of the Board since June 2013, brings over 35 years of experience in the development of technology and technology-driven businesses, with a track record of successfully managing global business functions.
These appointments follow the decision by the board to place Josef Matosevic, the company’s former President, Chief Executive Officer, and Director, on a paid leave effective July 1, 2024, pending completion of an ongoing investigation regarding allegations of a potential violation of the company’s code of business conduct and ethics.
In terms of financial performance, Helios Technologies has paid a cash dividend to its shareholders every quarter since becoming a public company in 1997. The company's strategy for growth is to be the leading provider in niche markets, with premier products and solutions through innovative product development and acquisition.
It's worth noting that the alleged conduct prompting the review does not relate to, and does not impact, the company’s strategy or financial reporting. Further announcements regarding this matter will be made when the board approves any course of action for which further disclosure is appropriate. As a result of these announcements, the company's shares have moved -0.5% on the market, and are now trading at a price of $46.33. For more information, read the company's full 8-K submission here.
