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Logitech Founder Pushes for Leadership Change Amidst Sales Slump
Logitech International SA's founder has initiated a campaign to replace the current chair, Wendy Becker, citing her lack of expertise in the technology sector as a critical issue. According to an internal letter seen by Bloomberg News, Daniel Borel has proposed Guy Gecht as the new chair and called for a shareholder vote on the matter at the company's annual meeting in September. Borel, who claims to hold more than 1% of the company's shares, had also opposed Becker's re-election at the previous year's AGM.
Declining Sales and Executive Criticism
Logitech, known for its production of keyboards, webcams, and other computer accessories, has experienced declining sales following the work-from-home surge during the pandemic. In response, the company has issued multiple profit warnings and executed significant job cuts. Despite these challenges, Logitech's stock has shown an overall upward trend since late 2022, increasing by more than 60% over the past year.
In the letter, Borel emphasized an "urgent need to reinvigorate the company’s creative drive." He criticized both Becker and CEO Hanneke Faber for their lack of technological background and industry-specific experience, which he believes has led to several operational missteps.
Lack of Response from Logitech
Requests for comments from Logitech went unanswered, and efforts to reach a spokesperson via telephone were unsuccessful.
Leadership Backgrounds
Wendy Becker joined Logitech’s board in September 2017 and ascended to the position of chair two years later. Guy Gecht, the proposed successor, is the former CEO of digital printing firm Electronics for Imaging Inc.
