Sign up
Log in
UPDATE 1-Logitech founder fails in attempt to oust chairperson
Share
Listen to the news
UPDATE 1-Logitech founder fails in attempt to oust chairperson

Adds details, comments from founder

- Logitech International LOGN.S founder Daniel Borel on Wednesday failed in his attempt to oust Chairperson Wendy Becker, having accused her of failing to provide leadership at the maker of computer mice and keyboards.

Just under 86% of shareholders voted for the re-election of Becker at the company's annual general meeting in Lausanne, against the wishes of Borel who wanted board member Guy Gecht to replace her.

Gecht, who had told the event he would accept the position of chairperson if elected, meanwhile received support from 14% of shareholders.

Borel, one of three people who founded Logitech in 1981 and who still owns a 1.2% stake, said the Swiss-American company had adjusted rapidly enough to trends like artificial intelligence or the post pandemic environment.

He was also concerned about the leadership team of Becker - a former boss of British clothes manufacturer Jack Wills and CEO Hanneke Faber, an ex-Unilever ULVR.L executive, saying they lacked tech experience.

Logitech has only recently returned to sales growth after suffering quarters of sales declines following the pandemic-driven boom.

"After the mad years of Covid, the company has simply been relying on past successes," Borel told shareholders.

"It lacks the leadership capable of facing up to the extreme challenges ahead - artificial intelligence in particular," he added. "The duo running Logitech have experience of tech. It's a dangerous situation."

Becker, who has been chairperson since 2019, has said she will step down at the the company AGM year.

Borel told this year's event that such a long transition period "makes sense in the fast-paced world of technology".


(Reporting by John Revill, Editing by Peter Graff and Angus MacSwan)

((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters Messaging: john.revill.thomsonreuters.com@reuters.))

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.
What's Trending
No content on the Webull website shall be considered a recommendation or solicitation for the purchase or sale of securities, options or other investment products. All information and data on the website is for reference only and no historical data shall be considered as the basis for judging future trends.