Helios CEO Josef Matosevic takes leave

  • After about four years in the position
  • Sean Bagan taking over temporarily

(exechange) — Sarasota, Florida, July 8, 2024 — Josef Matosevic, chief executive of Helios, takes a leave of absence. As announced by Helios Technologies Inc. in a news release and in a regulatory filing published on Monday, July 8, 2024, Josef Matosevic has left his post as chief executive officer at the hydraulic cartridge valve manufacturer, after about four years in the role, effective July 1, 2024.

Generally speaking, it raises questions when a CEO leaves his post abruptly.

Josef Matosevic’s duties as CEO will be taken over temporarily by Sean Bagan, previously Chief Financial Officer at Helios Technologies Inc., as Interim Chief Executive Officer.

“Potential violation of the Company’s Code of Business Conduct and Ethics”

Helios stated that 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.

Helios further stated: “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.”

For the second time in just over four years

Thus, for the second time in just over four years, a CEO of Helios has left his post amid misconduct allegations. On April 9, 2020, Helios had announced that Wolfgang Dangel, then chief executive of Helios, had “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.”

Share price increase since June 2020

The announcement of Matosevic’s move follows an increase in Helios Technologies Inc.’s share price of 31% since June 2020. June 2020 is the month in which Matosevic’s tenure as CEO began.

In the position of CEO since 2020

Josef Matosevic became CEO of the Company in 2020.

He served as President and Chief Executive Officer of the Company since June 1, 2020.

Matosevic currently also serves as non-executive member of the Board of Directors at Electrolux Professional Group.

Matosevic previously served as Executive Vice President and Chief Operating Officer at Welbilt, Inc. (NYSE: WBT), a global manufacturer of commercial foodservice equipment, since August 2015 as well as interim President and CEO from August through November 2018.

Matosevic served as Senior Vice President of Global Operational Excellence at The Manitowoc Company, Inc. (NYSE: MTW), a world leading provider of engineered lifting solutions, from 2014 to 2015, and as Executive Vice President of Global Operations from 2012 to 2014.

Prior to joining MTW, Matosevic served in various executive positions with Oshkosh Corporation (NYSE: OSK), a designer, manufacturer and marketer of a broad range of specialty vehicles and vehicle bodies, from 2007 through 2012 as well as Executive Vice President, Global Operations from 2010 to 2012, with responsibility for the defense segment, companies global operating systems and lean deployment.

He previously served as Vice President of Global Operations from 2005 to 2007 and Chief Operating Officer from 2007 to 2008 at Wynnchurch Capital, a sub-assembler, distributor and sequencer of complex engineered modules for automotive original equipment manufacturers.

Matosevic has over 27 years of global operating and business experience, with skills and focus on Commercial Sales, M&A, Strategic Operating Systems, Lean Six Sigma practices, automation, and supply chain development.

Matosevic holds a Bachelor’s degree from Bayerische Julius-Maximilian’s Universität in Würzburg, Germany.

At the time of Josef Matosevic’s appointment as Chief Executive Officer at Helios, Philippe Lemaitre, then Executive Chairman, had stated: “We are pleased to welcome Josef to lead Helios. He emerged as our clear choice, following a comprehensive and independent search process. We believe that his leadership style and cultural fit, as well as his proven ability to grow businesses, focus on customers, and develop talent are key attributes for Helios’s continued success. We expect his diverse global experience, technological vision, and history of operational excellence, including Lean Six Sigma, will make him a strong leader for the execution of our Vision 2025 strategy. Further, his proven foresight will complement the strengths of the existing team in the evolution of our future strategy beyond 2025. We are pleased that we were able to attract such an outstanding candidate and believe it is a testament to the strength and potential of the global Helios organization.”

At the time of Josef Matosevic’s appointment as Chief Executive Officer at Helios, Matosevic had said: “It is an honor to be selected as Helios’s next President and CEO. The Company has a rich history of industry leadership and I am excited to lead the team on its path to achieving Vision 2025, while striving to exceed the expectations of our global stakeholders. I believe that the combination of our strong portfolio, talented and experienced management team, and the Vision 2025 strategy serve as a solid foundation for ongoing success.”

No statement by Josef Matosevic

The announcement of his leave of absence does not include a statement by Josef Matosevic.

The above text is an excerpt from the exechange report 29.2024 ($), publication date July 15, 2024.