Logitech Nominates Three New Directors to Board
June 29 2022 - 4:05PM
Business Wire
SIX Swiss Exchange Ad hoc announcement pursuant to Art. 53
LR — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today
announced that its board of directors will ask shareholders to
approve the election of new board members, Christopher Jones, chief
product officer at Amperity, Inc.; Frankie Ng, chief executive
officer of SGS S.A.; and Sascha Zahnd, non-executive chairman of
Valora Holding AG and formerly vice president EMEA and Global
Supply Chain of Tesla Inc.. The elections will take place at
Logitech's annual general meeting (AGM) in Lausanne, Switzerland on
September 14, 2022.
Riet Cadonau has decided not to stand for re-election to the
board at the 2022 AGM when his current term ends for personal
reasons. Neil Hunt will also leave the board when his current term
ends due to Logitech’s 12 year term limit on board service. Neil
Hunt has been a non-executive member of Logitech's board of
directors since 2010, and serves on Logitech's Compensation
Committee and Technology and Innovation Committee.
Wendy Becker, Logitech’s chairperson of the board, commented:
“These three talented directors are joining Logitech’s board at an
exciting time. Chris brings significant expertise in product
development leadership and strategy, and in consumer and enterprise
software and services from leading technology companies such as
Amperity and Microsoft. Frankie leads SGS S.A., a
globally-operating Swiss SMI company, bringing senior leadership as
well as extensive global services, China and operations experience.
Sascha also brings senior leadership and significant expertise in
retail, production and supply chain from his roles as part of
Tesla’s leadership team and other leading technology and retail
companies. We warmly welcome each of them.”
“At the same time, we bid farewell to Riet and Neil. Neil has
been part of the board team throughout Logitech’s decade-long
journey of transformation and consistent annual growth. We are
grateful for his tireless dedication and strategic insight.
Equally, Riet ’s strong contribution and engagement over his time
with the team was highly valued. We wish both Riet and Neil the
best in their future endeavors.”
Annual Dividend
In May 2022, Logitech announced that the Company’s board of
directors had approved a proposal for a Fiscal Year 2022 cash
dividend, which, if approved by shareholders at the AGM, would be a
10 percent annual increase per share versus last year’s dividend,
or approximately CHF 0.96 per share.
The approximate payment date for the dividend is expected to be
September 28, 2022. The shares are expected to be traded
ex-dividend on the SIX Swiss Exchange and the Nasdaq Global Select
Market starting on September 26, 2022. Shareholders will find more
information about the dividend on the Logitech corporate website at
http://ir.logitech.com.
About Logitech
Logitech helps all people pursue their passions by designing
experiences so everyone can create, achieve, and enjoy more.
Logitech designs and creates products that bring people together
through computing, gaming, video, streaming and creating, and
music. Brands of Logitech include Logitech, Logitech G, ASTRO
Gaming, Streamlabs, Blue Microphones 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 U.S. federal securities laws, including, without
limitation, statements regarding our annual dividend, and related
assumptions. The forward-looking statements in this press 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; 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; the effect of demand
variability, supply shortages and other supply chain challenges;
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 we are not able to maintain and
enhance our brands; if our products and marketing strategies fail
to separate our products from competitors’ products; the impact of
global events, such as COVID-19 pandemic and Russia’s military
operations in Ukraine, and any associated economic downturn and
political instability; changes in inflation levels and in the
Federal Reserve's monetary policy; if we do not successfully
execute on strategic acquisitions and investments; if we do not
efficiently manage our spending; if there is a deterioration of
business and economic conditions in one or more of our sales
regions or product categories, or significant fluctuations in
exchange rates; changes in trade regulations, policies and
agreements and the imposition of tariffs that affect our products
or operations and our ability to mitigate; risks associated with
acquisitions; and 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 SEC, including our Annual
Report on Form 10-K for the fiscal year ended March 31, 2022, and
our subsequent reports filed with the SEC, 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.
Note that unless noted otherwise, comparisons are year over
year.
Logitech and other Logitech marks are trademarks or registered
trademarks of Logitech Europe S.A. and/or its affiliates in the
U.S. and other countries. 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)
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version on businesswire.com: https://www.businesswire.com/news/home/20220629005930/en/
Nate Melihercik, Head of Global Investor Relations -
lir@logitech.com Nicole Kenyon, Head of Global Corporate &
Employee Communications - USA +1 (510) 988-8553 Ben Starkie,
Corporate Communications - Europe +41 (0) 79-292-3499
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