$835M Sarasota manufacturer names CEO, its third leader in 5 years

Six months after naming Sean Bagan the interim CEO and president of Helios Technologies, the company’s board has appointed him to the role officially, with no interim tag. Bagan will be the third CEO for the company in five years, after his two predecessors were ousted over alleged ethics violations.

Bagan was named interim CEO and president in July in addition to his role as CFO following the company’s leader Josef Matosevic being placed on leave amid allegations of potentially violating the company’s code of business conduct and ethics. Matosevic had been appointed to serve as CEO and president of Helios in 2020 after former CEO and president Wolfgang Dangel had been let go, the company said, for violations of company policy, including “poor judgment involving a consensual relation with an employee.”

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Effective Jan. 6, Bagan was promoted to CEO and president of the Sarasota-based company that manufactures hydraulic cartridge valves, and he will be nominated for the board of directors; Bagan will be eligible for election at the board’s June annual meeting. In the meantime, Helios will conduct a search to fill the role of chief financial officer, which Bagan has held since August 2023.

“The board has unanimously determined that Sean Bagan is the right choice to lead Helios Technologies into the future. He has done a great job in his Interim President and Chief Executive Officer position in addition to his Chief Financial Officer role over the last six months,” says Philippe Lemaitre, who will resume his role as non-executive chairman of the board for Helios, in a statement. “He has confidently guided the operations as well as focused on new ways to further develop the high-performing talent we have within the organization. We believe his passion for the business, his strategic mindset, his business acumen, his integrity, as well as his straightforward and service leadership style are exactly what Helios needs moving forward. We are very optimistic about Helios' opportunities in 2025 and beyond.”

Bagan, who spent 23 years at Minnesota-based power sports company Polaris Inc., has more than two decades of experience in international business, leadership and strategic financial operations, according to a statement. 

Helios, which supplies engineered motion control and electronic control products to more than 90 countries, posted revenue of $835.6 million in fiscal year 2023. It employs 600 to 700 people in the Sarasota area.

“Helios Technologies is an exceptional organization, and I am deeply honored to be selected to lead its talented global team,” Bagan says in a statement. “I believe the company with its deep history of innovation, is uniquely positioned to deliver compounded growth that drives shareholder value creation over time. I thank the Board for their continued confidence and support in both my team and me.”