Logitech founder fails in attempt to oust chairperson
12:41 pm Wednesday, September 04th, 2024
ZURICH (Reuters) -Logitech International founder Daniel Borel on Wednesday failed in his attempt to oust Chairperson Wendy Becker, having accused her of failing to provide leadership at the maker of computer mice and keyboards.
Just under 86% of shareholders voted for the re-election of Becker at the company’s annual general meeting in Lausanne, against the wishes of Borel who wanted board member Guy Gecht to replace her.
Gecht, who had told the event he would not accept the position of chairperson if elected, meanwhile received support from 14% of shareholders.
Borel, one of three people who founded Logitech in 1981 and who still owns a 1.2% stake, said the Swiss-American company had not adjusted rapidly enough to trends like artificial intelligence or the post pandemic environment.
He was also concerned about the leadership team of Becker – a former boss of British clothes manufacturer Jack Wills and CEO Hanneke Faber, an ex-Unilever executive, saying they lacked tech experience.
Logitech has only recently returned to sales growth after suffering nine quarters of sales declines following the pandemic-driven boom.
“After the mad years of Covid, the company has simply been relying on past successes,” Borel told shareholders.
“It lacks the leadership capable of facing up to the extreme challenges ahead – artificial intelligence in particular,” he added. “The duo running Logitech have no experience of tech. It’s a dangerous situation.”
Becker, who has been chairperson since 2019, has said she will step down at the the company AGM next year.
Borel told this year’s event that such a long transition period “makes no sense in the fast-paced world of technology”.
(Reporting by John Revill, Editing by Peter Graff and Angus MacSwan)
