Sarasota-based manufacturer parts ways with CEO after relationship controversy

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A Sarasota-based manufacturer known for its hydraulic cartridge valves, has made headlines after terminating CEO Josef Matosevic. This decision comes about a month after the company placed him on leave due to a “consensual personal relationship” with an employee.

The company, which reported revenues of $835.6 million in 2023, released a statement after the markets closed on Monday announcing Matosevic’s dismissal. According to the statement, Matosevic was removed from his roles as President, CEO, and board member "for cause" without severance. The board cited a breach of company policy and behavior inconsistent with the company’s values and code of conduct.

This isn’t the first time Helios has had to deal with such an issue. Matosevic’s predecessor, Wolfgang Dangel, was also terminated in April 2020 for a similar policy violation. Matosevic had taken over the CEO position on June 9, 2020.

The company clarified that Matosevic’s actions did not involve any financial misconduct or compromise the integrity of the company’s financial systems. He was placed on paid leave on July 1 while an investigation was conducted. During this period, CFO Sean Bagan was named interim president and CEO, and Philippe Lemaitre was appointed executive chairman. Both will continue in their roles while the company searches for a permanent CEO.

Philippe Lemaitre emphasized that the board took swift action upon learning of the allegations. "The board does not tolerate any actions that are inconsistent with our company's values and code of conduct," Lemaitre stated. He added that the search for a new CEO would focus on finding someone who aligns with the company's values and can drive its strategic goals forward.

Helios Technologies, traded under the symbol HLIO on the NYSE, operates in various markets including construction, agriculture, energy, and more. With around 700 employees in Sarasota and a customer base spanning over 90 countries, the company is now focused on finding a leader to guide it through its growth opportunities.

For now, Helios is navigating this leadership transition, aiming to stay on track with its strategic priorities and values.