- Push-out Score determined
- After about four years in the position
- Tricia Fulton taking over in the interim
- Search for a successor
(exechange) — Sarasota, Florida, April 9, 2020 — Wolfgang Dangel, chief executive of Helios, leaves. As announced by Helios Technologies Inc. in a news release and in a regulatory filing published on Thursday, April 9, 2020, Wolfgang H. Dangel leaves his post as chief executive officer at the manufacturer of products for both the hydraulics and electronics markets after about four years in the role, effective immediately.
Helios will undertake a search for a successor.
Wolfgang Dangel’s duties as CEO will be taken over in the interim by Tricia L. Fulton, most recently Chief Financial Officer of Helios Technologies Inc., as Interim Chief Executive Officer.
“Behavior that was inconsistent with the Company’s core values”
Wolfgang Dangel’s departure from the CEO post is explained as follows. Helios said: “Ms. Fulton succeeds Wolfgang H. Dangel, who has separated from Helios following the Board’s determination that he violated Company policy, demonstrated behavior that was inconsistent with the Company’s core values and Code of Business Conduct and Ethics, and also exhibited poor judgment involving a consensual relationship with an employee. The violation of Company policy did not involve financial misconduct, or the integrity of the Company’s financial systems or controls.”
Precise information regarding Wolfgang Dangel’s future plans was not immediately available.
Share price decline
The announcement follows a decline in Helios Technologies Inc.’s share price of 48% since January 2018.
In the position of CEO since 2016
Wolfgang Dangel became CEO of the Company in 2016.
Wolfgang Dangel became President and Chief Executive Officer of the Company on April 1, 2016.
From January 2014 to March 2016, he was a consultant to the Schaeffler Holding Company.
From September 2011 to December 2013, he served as President of Schaeffler Automotive Global and a member of the Executive Board of the Schaeffler Group and, from January 2007 to September 2011, as President of Schaeffler Group Asia/Pacific and a member of the Extended Management Board of Schaeffler Group (Global).
Dangel previously served as President, CEO and CFO of Bosch Rexroth North America, from January 2001 to December 2006.
Prior to that, he was affiliated with other Mannesmann and Rexroth companies, including as Managing Director and Chairman of the Management Board of Mannesmann Rexroth (China) Ltd. from June 1996 to December 2000.
Dangel previously served as a member of the board of directors of the National Fluid Power Association.
He holds a Master’s Degree in Economics from the University of Applied Sciences in Rosenheim, Germany.
Dangel has served as a Director of the Company since June 2009.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 15.2020 ($).