Logitech Nominates EPFL President Patrick Aebischer to Board of Directors
June 29 2016 - 5:00PM
Business Wire
Company Outlines Board-Approved Proposals,
Including Dividend, in Anticipation of AGM on September 7, 2016
Logitech International (SIX: LOGN) (Nasdaq: LOGI) today
announced that its board of directors will ask shareholders to
approve the election to the board of Patrick Aebischer, president
of the École polytechnique fédérale de Lausanne (EPFL). The
election will take place at Logitech's annual general meeting (AGM)
in Lausanne, Switzerland on September 7, 2016.
Long-standing director, Kee Lock Chua, has decided not to stand
for re-election to the board at the 2016 AGM when his current term
ends. He has been a non-executive member of Logitech's board of
directors since 2000. He is the chair of Logitech’s Nominating
Committee and also serves on Logitech's Audit Committee.
Guerrino De Luca, chairman of Logitech, commented:
"Patrick’s transformational tenure as EPFL president has made the
school a model for universities around the world, yet this is far
from the only attribute to recommend him. He is also a tech
entrepreneur and senior leader of a number of Swiss companies, with
a global world view and strong strategic experience. As we prepare
ourselves to welcome Patrick, I'd also like to thank Kee Lock for
his sixteen years of invaluable service to the board and company.
He will always remain a friend of Logitech.”
Additionally, Logitech’s board of directors has approved and
proposes an annual dividend for Fiscal Year 2016
of approximately CHF 0.56 per share* following another
year of strong cash flow from operations. This is part of the
Company’s plan to return up to $500 million in cash to
shareholders over a three-year period, from Fiscal Year 2015 to
Fiscal Year 2017, in the form of dividends and share repurchases.
The gross aggregate dividend is subject to shareholder
approval.
If the dividend proposal is approved by shareholders at the
Company's AGM, the approximate payment date for the dividend is
expected to be September 27, 2016. Informational materials about
the AGM will be made available to Logitech registered
shareholders on or about July 22, 2016.
Logitech intends to file its preliminary proxy statement,
which includes additional information regarding the nominees and
other proposals for the AGM, with the U.S. Securities and
Exchange Commission and post it on the Company's website
at http://ir.logitech.com on or shortly prior to July 12,
2016.
About Logitech
Logitech designs products that have an everyday place in
people's lives, connecting them to the digital experiences they
care about. Over 30 years ago Logitech started connecting
people through computers, and now it’s designing products that
bring people together through music, gaming, video and
computing. Founded in 1981, Logitech International is a
Swiss public company listed on the SIX Swiss Exchange (LOGN)
and on the Nasdaq Global Select Market (LOGI). Find Logitech
at www.logitech.com,
the company blog or @Logitech.
This press release contains forward-looking statements within
the meaning of the federal securities laws, including, without
limitation, statements regarding: dividends, share repurchases, and
the timing of dividend payments and ex-dividend dates. The
forward-looking statements in this release involve risks and
uncertainties that could cause Logitech's actual results and events
to differ materially from those anticipated in these
forward-looking statements, including, without limitation: if our
product offerings, marketing activities and investment
prioritization decisions do not result in the sales, profitability
or profitability growth we expect, or when we expect it; the demand
of our customers and our consumers for our products and our ability
to accurately forecast it; if we fail to innovate and develop new
products in a timely and cost-effective manner for our new and
existing product categories; if we do not successfully execute on
our growth opportunities or our growth opportunities are more
limited than we expect; if sales of PC peripherals are less than we
expect; the effect of pricing, product, marketing and other
initiatives by our competitors, and our reaction to them, on our
sales, gross margins and profitability; if our products and
marketing strategies fail to separate our products from
competitors’ products; if we do not fully realize our goals to
lower our costs and improve our operating leverage; if there is a
deterioration of business and economic conditions in one or more of
our sales regions or operating segments, or significant
fluctuations in exchange rates; the effect of changes to our
effective income tax rates. A detailed discussion of these and
other risks and uncertainties that could cause actual results and
events to differ materially from such forward-looking statements is
included in Logitech's periodic filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K for
the fiscal year ended March 31, 2016, available at www.sec.gov,
under the caption Risk Factors and elsewhere. Logitech does not
undertake any obligation to update any forward-looking statements
to reflect new information or events or circumstances occurring
after the date of this press release.
2016 Logitech, Logicool, Logi and other Logitech marks are owned
by Logitech and may be registered. All other trademarks are the
property of their respective owners. For more information about
Logitech and its products, visit the company’s website at
www.logitech.com.
(LOGIIR)
*Based on the number of shares outstanding as of March 31,
2016. The actual number may change as of the record date.
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version on businesswire.com: http://www.businesswire.com/news/home/20160629006154/en/
LogitechBen LuVice President, Investor Relations -
USA510-713-5568orKrista ToddVice President, External Communications
- USA510-713-5834orBen StarkieCorporate Communications - Europe+41
(0) 79-292-3499
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