CEO ousted for policy violation, employee relationship

SARASOTA — Global industrial technology firm Helios Technologies Inc. has named CFO Tricia Fulton interim president and CEO, effective immediately.

Fulton succeeds Wolfgang Dangel, who has separated from Sarasota-based Helios following the board’s determination 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," according to a press release. 

The violation of company policy did not involve financial misconduct or the integrity of the company’s financial systems or controls, the statement says.

The board initiated a search process to identify a permanent successor. The process will include internal and external candidates.

Philippe Lemaitre has also transitioned from chairman of the board to the newly established position of executive chairman, effective immediately, the release states. 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 CEO of Woodhead Industries Inc., a publicly-held automation and electrical products manufacturer, upon its sale to Molex.

“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,” says Lemaitre in the statement. “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.”

Fulton joined Helios in March 1997. She has held positions of increasing responsibility, including corporate controller, prior to being named CFO in March 2006. She was responsible for the company’s South Korean operations from 2008 to 2013. Previously Fulton served as director of accounting for Plymouth Harbor, a senior living community in Sarasota.  

“I strongly believe in Helios’s long-term strategy, and am honored to lead the Company at this critical point in time," says Fulton in the statement. "While managing through COVID-19 issues currently has our short-term focus, the long-term goals of our vision remain unchanged.”

Helios Technologies, formerly Sun Hydraulics Corp., develops and manufactures solutions for the hydraulics and electronics markets. Its hydraulics segment markets and sells products globally under the brands Sun Hydraulics, Custom Fluidpower and Faster. Its global electronics brands include Enovation Controls and Murphy. 

Helios Technologies reported $508.05 million in revenue in 2018.