Company Outlines Board-Approved Proposals in Anticipation of AGM on
September 12, 2017
LAUSANNE, Switzerland & NEWARK, Calif.--(BUSINESS WIRE)--
Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced that
its board of directors will ask shareholders to approve the election to
the board of Wendy Becker, former chief executive officer of Jack Wills
Ltd., and Neela Montgomery, a member of the executive board at the Otto
Group GmbH and soon-to-be chief executive officer of Crate and Barrel.
The election will take place at Logitech's annual general meeting (AGM)
in Lausanne, Switzerland on September 12, 2017.
Guerrino De Luca, chairman of Logitech, commented: "Both Wendy and Neela
bring a special mix of experience to Logitech’s board, invaluable to our
company as we continue on our path of profitable growth. Wendy has a
strong background in strategy, brand marketing and design from her
senior roles at Jack Wills, Vodafone, McKinsey and TalkTalk, as well as
diverse board and trustee positions. Neela’s leadership experience in
multi-channel retail, e-commerce and home electronics will be equally
valuable, particularly given the global nature of her roles at the Otto
Group and Tesco. We have a fantastic team at Logitech, and it’s a
pleasure to nominate these two new board members.”
Additionally, Logitech’s board of directors has approved and proposes an
annual dividend for Fiscal Year 2017 of approximately CHF 0.62 per
share* – a 10 percent increase compared to FY 2016 – following its
highest level of cash flow from operations in seven years. The gross
aggregate dividend is subject to shareholder approval at Logitech's
annual general meeting (AGM) in Lausanne, Switzerland on September 12,
2017.
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 27, 2017.
Logitech expects to publish its annual report to shareholders and its
invitation for its 2017 annual general meeting in July 2017. 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 2017.
About Logitech
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 Jaybird,
Logitech
G 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 federal securities laws, including, without limitation,
statements regarding: dividends, the timing of dividend payments, the
timing of the AGM, and the timing of various filings. 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; the demand of our customers and our consumers for our
products and our ability to accurately forecast 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; if sales of PC peripherals are less 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 our products and marketing strategies fail
to separate our products from competitors’ products; 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 operating segments, or significant
fluctuations in exchange rates; 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, 2017, 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.
2017 Logitech, Logicool, Logi and other Logitech marks are owned by
Logitech and may be registered. 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, 2017. The
actual number may change as of the record date.
(LOGIIR)
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Source: Logitech International