Yahoo Finance Logitech Founder Mounts Fresh Push to Oust Chair Becker
(Bloomberg) -- Logitech International SA’s founder is making a fresh push to oust the company’s chair, Wendy Becker, saying she lacks the expertise in the tech industry that the company needs.
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Daniel Borel has proposed Guy Gecht as chair and wants a shareholder vote at the company’s annual meeting in September, according to a letter sent to the company and seen by Bloomberg News. Borel, who says he holds more than 1% of the stock, voted against Becker’s re-election at last year’s AGM.
Sales at Logitech, which makes keyboards, webcams and other computer accessories, have fallen after a work-from-home boom during the pandemic. The company has issued a number of warnings and cut hundreds of jobs. While the shares are below their pandemic-era peak, they have been on a broadly upward since late 2022, gaining more than 60% in the past year.
Borel said there’s an “urgent need to reinvigorate the company’s creative drive,” according to the letter. He said both the chair, and chief executive officer Hanneke Faber, lack a technological background and industry experience, leading to “repeated missteps.”
Logitech didn’t immediately respond to a request for comment sent via email. A spokesperson couldn’t be reached by telephone.
Becker joined Logitech’s board in September 2017 and became chair two years later. Gecht is a former CEO of digital printing firm Electronics for Imaging Inc.
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