04:48 PM EDT, 07/08/2024 (MT Newswires) -- Helios Technologies ( HLIO ) said Monday it appointed Sean Bagan as interim president and chief executive, effective immediately.

Bagan's new responsibilities are in addition to his role as chief financial officer, according to the company.

The board placed Chief Executive Josef Matosevic on a paid leave starting July 1 following allegations of a potential violation of its Code of Business Conduct and Ethics, Helios said. It added the alleged conduct that prompted this review does not relate to, and does not impact, its strategy or financial reporting.

The stock was down more than 9% in extended trading.

Price: 42.00, Change: -4.33, Percent Change: -9.35