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Logitech Board Rattled Call For Chair To Be Replaced

Logitech founder Daniel Borel is rocking the boat at the big accessory Company claiming the company’s chair, Wendy Becker is not up to running the Company and needs to be replaced.

The rattling of the board comes weeks after the big mouse-maker reported a 5% gain in fiscal fourth-quarter sales to US$1.01 billion.

Adjusted earnings per share came in at $0.99, a 98% gain on the prior year, and net income was four times higher at $167.6 million.

“We start fiscal year 2025 with a focus on sustainable, profitable growth supported by several long-term trends that present opportunities for our business: new ways of working, gaming, and transformational AI,” said Hanneke Faber, Logitech’s chief executive officer, in a statement.

Borel has proposed Guy Gecht as chair and wants a shareholder vote at the company’s annual meeting in September, according to a letter sent to the company and seen by Bloomberg News.

Wendy Becker Logitech Chir

Borel, who says he holds more than 1% of the stock, voted against Becker’s re-election at last year’s AGM according to Bloomberg.

The move comes despite shares in the Company climbing 10.18% year to date.

Recently sales at Logitech, which makes keyboards, webcams and other computer accessories, have fallen after a work-from-home boom during the pandemic.

Like most of their competitors the business is also under pressure due to inflation issues in several markets.

Daniel Borel one of the founders of Logitech

Borel said there’s an “urgent need to reinvigorate the company’s creative drive,” according to the letter.

He said both the chair, and chief executive officer Hanneke Faber, lack a technological background and industry experience, leading to “repeated missteps.”

Logitech didn’t immediately respond to a request for comment.
Becker joined Logitech’s board in September 2017 and became chair two years later.

She was also the chair when the former CEO Bracken Darrell suddenly resigned to “pursue another opportunity” this time last year.

Darrell’s resignation from his positions as president, CEO, and member of the board of directors shocked the industry with some questioning whether there was any conflict between Becker and Darrell that led to his sudden exit.Borel, is one of three people who founded Logitech which he claims has had lost its way under Becker, who has chaired it since September 2019.

“I am not yet a dinosaur meddling, but I am worried about the future of Logitech, the company I created,” Borel told Reuters. “Logitech needs a new chairperson, someone who can react to the changed market situation.”

Logitech said Becker, a former CEO of British clothing chain Jack Wills, was travelling and not immediately available to comment on Borel’s views.

 



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