Helios Technologies, Inc. - 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report, dated January 6, 2025, pertains to Helios Technologies, Inc. (NYSE: HLIO), a Florida corporation. The filing reports a significant change in executive leadership effective immediately.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
- Executive Promotion: Sean Bagan has been promoted to President and Chief Executive Officer, effective January 6, 2025.
- Board Nomination: The Board intends to nominate Mr. Bagan for election to the Board of Directors at the June 2025 Annual Meeting.
- CFO Transition: Mr. Bagan will continue to serve as Chief Financial Officer while the Company searches for a permanent replacement.
- Chairman Role Change: Chairman Philippe Lemaitre will resume his role as Non-Executive Chairman.
Compensation and Management Commentary
In connection with the promotion, Mr. Bagan's compensation package includes:
- Base Salary: $705,000 per year.
- Cash Incentive: Target of 100% of base salary.
- Equity Awards: Target of 200% of base salary.
- Benefits: Eligibility for existing Executive Severance and Change-in-Control Plans, including termination without cause provisions, and coverage under D&O insurance policies.
Mr. Bagan previously served as Interim President, CEO, and CFO since July 2024 and has been CFO since August 2023. He brings 23 years of experience from Polaris Inc. and a prior career at Arthur Andersen, LLP.
Investor Verification Checklist
- Verify the timeline for the search and appointment of a permanent Chief Financial Officer.
- Confirm the details of the equity award plan and vesting schedules referenced in the filing.
- Review the upcoming June 2025 Annual Meeting proxy statement for the formal election of Mr. Bagan to the Board.
- Monitor future filings for the appointment of the new permanent CFO.