Logitech Nominates Three New Directors to Board

Rhea-AI Summary

Logitech International (SIX: LOGN, Nasdaq: LOGI) announced the election of three new board members at its annual general meeting on September 14, 2022. Christopher Jones, Frankie Ng, and Sascha Zahnd will join the board, bringing diverse expertise in product development, global services, and supply chain management. Riet Cadonau and Neil Hunt will not stand for re-election. Logitech also proposed a 10% increase in its annual cash dividend to approximately CHF 0.96 per share, subject to shareholder approval, with payment expected on September 28, 2022.

Positive

• The appointment of Christopher Jones, Frankie Ng, and Sascha Zahnd may enhance board expertise and leadership.
• Proposed 10% increase in the annual cash dividend indicates confidence in financial performance.

Negative

• Riet Cadonau and Neil Hunt's departures may create gaps in leadership continuity and experience.

LAUSANNE, Switzerland & NEWARK, Calif.--(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)

View source 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

Source: Logitech International

FAQ

Who are the new board members being elected at Logitech?

The new board members are Christopher Jones, Frankie Ng, and Sascha Zahnd.

What is the date of Logitech's annual general meeting for board member elections?

The annual general meeting is scheduled for September 14, 2022.

What dividend increase has Logitech proposed for Fiscal Year 2022?

Logitech proposed a 10% increase in its annual dividend to approximately CHF 0.96 per share.

When is the expected payment date for Logitech's cash dividend?

The expected payment date for the cash dividend is September 28, 2022.

Why are Riet Cadonau and Neil Hunt leaving Logitech's board?

Riet Cadonau is not standing for re-election for personal reasons, and Neil Hunt is leaving due to Logitech's 12-year term limit on board service.