Helios Technologies Inc. (HLIO) has announced that its President, Chief Executive Officer, and Director, Josef Matosevic, will be placed on paid leave starting July 1, 2024. This decision follows allegations suggesting a potential breach of the company's Code of Business Conduct and Ethics.
Matosevic's leave will remain in effect until the completion of an ongoing investigation being conducted by the Board, with assistance from external legal advisors.
In the interim, Sean Bagan has been appointed as Interim President and Chief Executive Officer, while continuing to serve as Chief Financial Officer, effective immediately. Additionally, Philippe Lemaitre will take on the role of Executive Chairman, in conjunction with his current role as Chairman of the Board, starting July 1, 2024.
On Monday, HLIO shares closed at $46.33, reflecting a decrease of $0.21 or 0.45%. In after-hours trading, the stock further declined by $3.83 or 8.27%.
