Helios Technologies terminates CEO Matosevic

Helios Technologies announced that it has completed the 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 Mr. 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 has terminated Mr. 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.