Logitech Nominates Two New Directors to Board; Proposes 10% Annual Increase for FY17 Dividend
June 28 2017 - 5:00PM
Business Wire
Company Outlines Board-Approved Proposals in
Anticipation of AGM on September 12, 2017
Logitech International (SIX: LOGN) (Nasdaq: LOGI) today
announced that its board of directors will ask shareholders to
approve the election to the board of Wendy Becker, former chief
executive officer of Jack Wills Ltd., and Neela Montgomery, a
member of the executive board at the Otto Group GmbH and soon-to-be
chief executive officer of Crate and Barrel. The election will take
place at Logitech's annual general meeting (AGM) in Lausanne,
Switzerland on September 12, 2017.
Guerrino De Luca, chairman of Logitech, commented: "Both Wendy
and Neela bring a special mix of experience to Logitech’s board,
invaluable to our company as we continue on our path of profitable
growth. Wendy has a strong background in strategy, brand marketing
and design from her senior roles at Jack Wills, Vodafone, McKinsey
and TalkTalk, as well as diverse board and trustee positions.
Neela’s leadership experience in multi-channel retail, e-commerce
and home electronics will be equally valuable, particularly given
the global nature of her roles at the Otto Group and Tesco. We have
a fantastic team at Logitech, and it’s a pleasure to nominate these
two new board members.”
Additionally, Logitech’s board of directors has approved and
proposes an annual dividend for Fiscal Year 2017 of approximately
CHF 0.62 per share* – a 10 percent increase compared to FY 2016 –
following its highest level of cash flow from operations in seven
years. The gross aggregate dividend is subject to shareholder
approval at Logitech's annual general meeting (AGM) in Lausanne,
Switzerland on September 12, 2017.
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, 2017.
Logitech expects to publish its annual report to shareholders
and its invitation for its 2017 annual general meeting in July
2017. The Company also 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 in July 2017.
About Logitech
Logitech designs products that have an everyday place in
people's lives, connecting them to the digital experiences they
care about. More than 35 years ago, Logitech started connecting
people through computers, and now it’s a multi-brand company
designing products that bring people together through music,
gaming, video and computing. Brands of Logitech include Jaybird,
Logitech G and Ultimate Ears. Founded in 1981, and headquartered in
Lausanne, Switzerland, 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, the timing of dividend
payments, the timing of the AGM, and the timing of various filings.
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, 2017, 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.
2017 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.
* Based on the number of shares outstanding as of March 31,
2017. The actual number may change as of the record date.
(LOGIIR)
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Logitech InternationalBen 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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