Helios Technologies Appoints Sean Bagan as Interim President and CEO

Author

Slice of Construction Team
July 09, 2024

Key Highlights:

  • Sean Bagan appointed as Interim President and CEO, effective immediately.

  • Josef Matosevic placed on paid leave pending ethics investigation.

  • Philippe Lemaitre named Executive Chairman, effective July 1, 2024.

  • Investigation conducted by Board with assistance from outside legal counsel.

  • Board reaffirms confidence in company strategy and financial integrity.

Source (Business Wire)

Notable Quote:

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"Our Board took prompt actions as soon as we were notified of an alleged potential violation of our Code of Business Conduct and Ethics. 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."

Philippe Lemaitre, Executive Chairman at Helios Technologies

Our Take:

The swift appointment of Sean Bagan as Interim President and CEO signifies Helios Technologies' commitment to maintaining strong leadership and continuity amid challenging circumstances. This decisive action by the Board underscores the importance of upholding corporate ethics and governance. Bagan’s extensive experience, particularly his strategic financial operations and leadership roles at Polaris Inc., positions him well to navigate the company through this transitional period. Furthermore, the appointment of Philippe Lemaitre as Executive Chairman brings additional stability, leveraging his vast experience in technology-driven businesses to support Helios’ strategic initiatives and ongoing growth. Helios Technologies’ proactive measures in addressing the alleged ethics violation reflect their dedication to integrity and transparency, essential attributes for sustaining investor confidence and organizational resilience.