Company Outlines Board-Approved Proposals in Anticipation of Modified Annual General Meeting
LAUSANNE, Switzerland & NEWARK, Calif.–(BUSINESS WIRE)– Logitech International (SIX: LOGN) (Nasdaq: LOGI) today outlined a number of proposals, approved and recommended by its board of directors, on which it will ask shareholders to vote at the Company’s 2020 annual general meeting (AGM). Logitech also announced a new director nominee and new Group Management Team member.
New Board Director Nominee
Logitech’s board of directors will ask shareholders at the 2020 AGM to approve the election to its board of Deborah Thomas, executive vice president and chief financial officer of Hasbro, Inc., a global play and entertainment company. Thomas will bring a wealth of consumer and financial experience to Logitech as an independent director. This follows the decision of Guerrino De Luca not to stand for re-election as a member of the board when his current term ends.
“Guerrino’s contribution to Logitech over more than twenty years is immeasurable,” said Wendy Becker, Logitech’s chairperson. “You can see the impact of his vision and leadership across the business and in the talent of its employees, both from the decade that he was chief executive officer and the following twelve years of service he provided as executive chairperson and a member of the board. While Guerrino is leaving the board, he will continue to support Logitech as an advisor.”
Becker continued, “I’m delighted to nominate Deborah Thomas to Logitech’s board. She brings more than two decades of experience in senior financial and leadership roles, most notably at Hasbro and KPMG Peat Marwick. Her financial acumen as well as her multi-category, multi-brand consumer product and services experience would be a great addition to the team.”
New Group Management Team Member
Additionally, Logitech’s board of directors has designated Samantha Harnett, Logitech’s general counsel, as a new member of Logitech’s Group Management Team and determined that she will be an Executive Officer.
Annual General Meeting
Due to the impact of the COVID-19 pandemic, Logitech’s AGM will be modified so shareholders can exercise their rights while ensuring the health and safety of all parties, including the Company’s shareholders, board and employees. The Company will provide further details on the AGM at a later date.
At the AGM, shareholders will be asked to vote on a number of proposals, including:
- The election to the board of Deborah Thomas.
- An annual dividend for FY 2020 of approximately CHF 0.80 per share* – an approximately 10% annual increase compared to the FY 2019 dividend.
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 22, 2020.
As communicated in May, Logitech expects to publish its annual report to shareholders and the invitation for its 2020 AGM, in July 2020. 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 2020.
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 Logitech, Logitech G, ASTRO Gaming, Streamlabs, Ultimate Ears, Jaybird and Blue Microphones. 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 the election of a new director, a proposed dividend for Fiscal Year 2020, the timing of dividend payments, the timing of the 2020 AGM, and the timing of the Company’s annual report and invitation and proxy statement for its 2020 annual general meeting. 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; 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 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 COVID-19 pandemic and its potential impact; 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 product categories, or significant fluctuations in exchange rates; changes in trade policies and agreements and the imposition of tariffs that affect our products or operations and our ability to mitigate; risks associated with acquisitions; 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, 2020, 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.
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.
- Based on the number of shares outstanding as of March 31, 2020. The actual number may change as of the record date.