Helios Technologies, Inc. (NYSE:HLIO) shares are diving today after the company announced it placed President and CEO Josef Matosevic on paid leave due to allegations of a potential violation of the Code of Business Conduct and Ethics.
Helios will provide updates as the Board determines the appropriate course of action requiring further disclosure.
The company stated that the matter under review does not pertain to, nor affect, the strategy or financial reporting.
Helios disclosed that its Board of Directors has appointed Sean Bagan as interim president and CEO, effective immediately, while he continues to be chief financial officer.
Sean Bagan has been the Chief Financial Officer of Helios since 2023, joining the company after a 23-year tenure at a renowned company in powersports and off-road innovation domain.
Also, Philippe Lemaitre has been named Executive Chairman, effective July 1, 2024, in addition to his role as Chairman of the Board.
Also, Keybanc analyst downgraded the stock from Overweight to Sector Weight.
Price Action: HLIO shares are down 12.9% at $40.36 at the last check Tuesday.
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