Appoints Sean Bagan as Interim President and
Chief Executive Officer; Appoints Philippe Lemaitre as
Interim Executive Chairman
Helios Technologies, Inc. (NYSE: HLIO) (“Helios” or the
“Company”), a global leader in highly engineered motion control and
electronic controls technology, today announced its Board of
Directors has appointed Sean Bagan to serve as Interim President
and Chief Executive Officer in addition to his role as Chief
Financial Officer, effective immediately. The Board has also
appointed Philippe Lemaitre, to serve as Executive Chairman in
addition to his role as Chairman of the Board effective July 1,
2024.
These appointments follow the decision by the Board to place
Josef Matosevic, the Company’s President, Chief Executive Officer
and Director, immediately on a paid leave effective July 1, 2024,
as a result of allegations of a potential violation of the
Company’s Code of Business Conduct and Ethics. Mr. Matosevic’s
leave is pending completion of an ongoing investigation being
conducted by the Board with the assistance of outside legal
counsel. Helios will make further announcements regarding this
matter when the Board approves any course of action for which
further disclosure is appropriate. The alleged conduct that
prompted this review does not relate to, and does not impact, the
Company’s strategy or financial reporting.
“Our Board took prompt actions as soon as we were notified of an
alleged potential violation of our Code of Business Conduct and
Ethics,” said Mr. Lemaitre. “The Board has the utmost confidence in
Sean to also serve as Interim President and Chief Executive Officer
and I will support our talented executive team as we build on our
business momentum and execute on our strategic priorities.”
About Sean Bagan
Sean Bagan has served as Chief Financial Officer of Helios since
2023. He joined the Company after spending 23 years at Polaris
Inc., a global leader in powersports and off-road innovation. With
extensive financial management leadership experience, Mr. Bagan
brings more than 20 years of international business, strategic
financial operations, and leadership experience. His
responsibilities scaled with Polaris over the decades in
operational finance, international sales, product segments,
acquisitions and corporate finance and treasury. In addition to
financial management positions, his roles included general
management and operational oversight for U.S. and global
businesses. He earned his B.A. double major in Accounting and
Management from St. John’s University in Minnesota and began his
career with Arthur Andersen, LLP. Mr. Bagan also holds a General
Management Certificate from Cambridge University's Judge Business
School in England, along with a Certified Public Accountant
(Inactive) Certificate from the state of Minnesota.
About Philippe Lemaitre
Philippe Lemaitre, has served as Chairman of the Helios Board
since June 2013. He was former Chairman, President and Chief
Executive Officer of Woodhead Industries, Inc., a publicly held
automation and electrical products manufacturer. Prior to joining
Woodhead in 1999, he served as Corporate Vice President and Chief
Technology Officer of AMP, Inc. and had responsibility for AMP
Computer and Telecom Business Group Worldwide. Prior to joining
AMP, he served as Executive Vice President of TRW, Inc. and also
General Manager of TRW Automotive Electronics Group Worldwide. He
previously held various management and research engineering
positions with TRW, Inc., International TechneGroup, Inc., General
Electric Company and Engineering Systems International.
Mr. Lemaitre also served as Chairman of the Board of Directors
of Multi-Fineline Electronix, Inc. from March 2011 until the sale
of the company in July 2016. With over 35 years of experience in
the development of technology and with technology-driven
businesses, his track record of successfully managing global
business functions including sales, engineering, research and
manufacturing operations, and his role as Chairman of another
public company provide a wealth of experience in key areas of the
Company’s business and governance. Mr. Lemaitre holds a Master of
Civil Engineering degree from Ecole Spéciale des Travaux Publics,
Paris, France, and a Master of Science degree from the University
of California at Berkeley, California.
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 Ukraine and the Middle East; (viii) new product
introductions, product sales mix and the geographic mix of sales
nationally and internationally; and (ix) stakeholders, including
regulators, views regarding our environmental, social and
governance goals and initiatives, and the impact of factors outside
of our control on such goals and initiatives. Further information
relating to additional factors that could cause actual results to
differ from those anticipated is included but not limited to
information under the heading Item 1. “Business” and Item 1A. “Risk
Factors” in the Company’s Form 10-K for the year ended December 30,
2023 filed with the Securities and Exchange Commission (SEC) on
February 27, 2024 as well as any subsequent filings with the
SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240708219745/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
Helios Technologies (NYSE:HLIO)
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