Tricia L. Fulton Named Interim President and
CEO
Wolfgang H. Dangel Separates as President and
CEO and as a Member of the Board
Philippe Lemaitre Transitions to Executive
Chairman of the Board
Helios Technologies, Inc. (Nasdaq: HLIO) (“Helios” or the
“Company”), a global industrial technology leader that develops and
manufactures solutions for both the hydraulics and electronics
markets, today announced that its Board of Directors has named
Tricia L. Fulton, the Company’s Chief Financial Officer, as Interim
President and Chief Executive Officer, effective immediately. In
addition, the Company announced that Philippe Lemaitre transitioned
from Chairman of the Board to the newly established position of
Executive Chairman, effective immediately.
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. The Board has initiated a comprehensive search
process to identify a permanent successor. The process will include
internal and external candidates.
“Helios has demonstrated strong operational execution of its
Vision 2025 strategy since the plan was launched in 2016, and the
Board is pleased to designate Tricia as interim president and CEO
to lead Helios as we continue along that path,” said Mr. Lemaitre.
“We believe Tricia, with her 23 years at Helios, has the right mix
of skills and experience to guide the Company during these
unprecedented times. While the Board conducts its search for our
next permanent CEO, I am confident that Tricia is the right interim
leader to ensure a smooth transition. I am equally confident that
our experienced and talented management team, including our
business unit presidents, will continue to successfully manage the
difficult worldwide business environment created by COVID-19, as
well as maintain the already successful and steady progress toward
our Vision 2025 objectives to achieve global technology leadership
in the industrial goods sector.”
Ms. Fulton stated, “I strongly believe in Helios’s long-term
strategy, and am honored to lead the Company at this critical point
in time. One of the key strengths of Vision 2025 is the deep bench
of experienced leaders across our organization, as well as our
dedicated global workforce. I look forward to continuing to work
with them to deliver on our growth objectives, which represent key
drivers in achieving Vision 2025. While managing through COVID-19
issues currently has our short-term focus, the long-term goals of
our vision remain unchanged.”
About Tricia Fulton
Ms. Fulton joined Helios in March 1997, and held positions of
increasing responsibility, including Corporate Controller, prior to
being named Chief Financial Officer in March 2006. Ms. Fulton was
responsible for the Company’s South Korean operations from
2008-2013. Previously, Ms. Fulton served as the Director of
Accounting for Plymouth Harbor. Additionally, she served in various
financial capacities for Loral Data Systems, as well as an auditor
with Deloitte & Touche. Ms. Fulton is a graduate of Hillsdale
College and the General Management Program at the Harvard Business
School. She served as a member of the Board of Directors for the
National Fluid Power Association from 2011-2019 and as the
Chairwoman of the Board for the 2016-2017 term.
About Philippe Lemaitre
Philippe Lemaitre has served as Chairman of the Helios Board
since June 2013, and as a Director of the Company since June 2007.
He retired in November 2006 as Chairman, President and Chief
Executive Officer of Woodhead Industries, Inc., a publicly-held
automation and electrical products manufacturer, upon its sale to
Molex. Before joining Woodhead in 1999, Mr. Lemaitre was Corporate
Vice President and Chief Technology Officer of AMP, Inc. and was
also in charge of AMP Computer and Telecom Business Group
Worldwide. Prior to joining AMP, Mr. Lemaitre was an Executive Vice
President of TRW, Inc. and also General Manager of TRW Automotive
Electronics Group Worldwide. He previously held various management
and research engineering positions with TRW, Inc., International
Technegroup, Inc., General Electric Company and Engineering Systems
International. Mr. Lemaitre also served as Chairman of the Board of
Directors of Multi-Fineline Electronix, Inc. from March 2011 until
the sale of the company in July 2016. He holds a Master of Civil
Engineering degree from Ecole Spéciale des Travaux Publics, Paris,
France, and a Master of Science degree from the University of
California at Berkeley, California. Mr. Lemaitre's more than 32
years' experience in the development of technology and
technology-driven businesses, his track record of successfully
managing global business functions including sales, engineering,
research and manufacturing operations, and his role as Chairman of
another public company provide a wealth of experience in key areas
of the Company's business and governance.
About Helios Technologies
Helios Technologies is a global industrial technology leader
that develops and manufactures hydraulic and electronic control
solutions for diverse markets. The Company operates in two business
segments, Hydraulics and Electronics. The Hydraulics segment
markets and sells products globally under the brands of Sun
Hydraulics in relation to cartridge valve technology, Custom
Fluidpower with regard to hydraulic system design and Faster in
connection with quick release coupling solutions. Global
Electronics brands include Enovation Controls and Murphy for
fully-tailored solutions with a broad range of rugged and reliable
instruments such as displays, controls and instrumentation
products. Helios Technologies and information about its associated
companies is available online at www.heliostechnologies.com.
FORWARD-LOOKING INFORMATION
This news release contains “forward‐looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934.
Forward‐looking statements involve risks and uncertainties, and
actual results may differ materially from those expressed or
implied by such statements. They include statements regarding
current expectations, estimates, forecasts, projections, our
beliefs, and assumptions made by Helios Technologies, Inc.
(“Helios” or the “Company”), its directors or its officers about
the Company and the industry in which it operates, and assumptions
made by management, and include among other items, (i) the
Company’s strategies regarding growth, including its intention to
develop new products and make acquisitions; (ii) the Company’s
financing plans; (iii) trends affecting the Company’s financial
condition or results of operations; (iv) the Company’s ability to
continue to control costs and to meet its liquidity and other
financing needs; (v) the declaration and payment of dividends; and
(vi) the Company’s ability to respond to changes in customer demand
domestically and internationally, including as a result of
standardization. In addition, we may make other written or oral
statements, which constitute forward-looking statements, from time
to time. Words such as “may,” “expects,” “projects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” variations of
such words, and similar expressions are intended to identify such
forward-looking statements. Similarly, statements that describe our
future plans, objectives or goals also are forward-looking
statements. These statements are not guaranteeing future
performance and are subject to a number of risks and uncertainties.
Our actual results may differ materially from what is expressed or
forecasted in such forward-looking statements, and undue reliance
should not be placed on such statements. All forward-looking
statements are made as of the date hereof, and we undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. Factors that
could cause the actual results to differ materially from what is
expressed or forecasted in such forward‐looking statements include,
but are not limited to, (i) conditions in the capital markets,
including the interest rate environment and the availability of
capital; (ii) changes in the competitive marketplace that could
affect the Company’s revenue and/or cost bases, such as increased
competition, lack of qualified engineering, marketing, management
or other personnel, and increased labor and raw materials costs;
and (iii) new product introductions, product sales mix and the
geographic mix of sales nationally and internationally. Further
information relating to factors that could cause actual results to
differ from those anticipated is included but not limited to
information under the heading Item 1. “Business” and Item 1A. “Risk
Factors” in the Company’s Form 10-K for the year ended December 28,
2019.
Helios has presented forward-looking statements regarding
non-GAAP cash EPS and Adjusted EBITDA margin. These non-GAAP
financial measures are derived by excluding certain amounts,
expenses or income from the corresponding financial measures
determined in accordance with GAAP. The determination of the
amounts that are excluded from these non-GAAP measures is a matter
of management judgment and depends upon, among other factors, the
nature of the underlying expense or income recognized in a given
period. Helios is unable to present a quantitative reconciliation
of forward-looking non-GAAP cash EPS and Adjusted EBITDA margin to
their most directly comparable forward-looking GAAP financial
measures because such information is not available, and management
cannot reliably predict all the necessary components of such GAAP
measures without unreasonable effort or expense. In addition, the
Company believes that such reconciliations would imply a degree of
precision that would be confusing or misleading to investors. The
unavailable information could have a significant impact on Helios’s
full year 2020 financial results. These non-GAAP financial measures
are preliminary estimates and are subject to risks and
uncertainties, including, among others, changes in connection with
quarter-end and year-end adjustments. Any variation between
Helios’s actual results and preliminary financial data set forth
above may be material.
This news release will discuss some historical non-GAAP
financial measures, which the Company believes are useful in
evaluating its performance. You should not consider the inclusion
of this additional information in isolation or as a substitute for
results prepared in accordance with GAAP.
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version on businesswire.com: https://www.businesswire.com/news/home/20200409005355/en/
For more information: Karen L. Howard / Deborah K.
Pawlowski Kei Advisors LLC (716) 843-3942 / (716) 843-3908
khoward@keiadvisors.com / dpawlowski@keiadvisors.com
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