FREMONT, Calif. and ROMANEL-SUR-MORGES, Switzerland, June 24, 2004 -- Logitech International (SWX: LOGN) (NASDAQ: LOGI) today announced that its shareholders, voting at the Company's Annual General Meeting in Lausanne, Switzerland, elected two new members to its board of directors -- Monika Ribar and Shin'ichi Okamoto, re-elected two members of the board of directors, and approved new flexibility for managing share buyback programs.
Monika Ribar is the chief information officer of Panalpina Management, Ltd., a Swiss freight forwarding and logistics services provider with worldwide operations. Ms. Ribar also serves on the board of directors of Julius Baer Holding Ltd. and Bank Julius Baer & Co Ltd. She holds a master's degree in economics and business administration from the University of St. Gallen, Switzerland. Ms. Ribar is a Swiss citizen.
Shin'ichi Okamoto is a research and development consultant in Tokyo, Japan. Previously, Mr. Okamoto served in executive and management positions, including chief technology officer and senior vice president of research and development, with Sony Computer Entertainment Inc. He holds master's and bachelor's degrees in chemistry from Waseda University in Tokyo, Japan. Mr. Okamoto is a Japanese citizen.
Ms. Ribar and Mr. Okamoto replace retiring board members Ronald Croen and Peter Pfluger.
"We are pleased that Monika Ribar and Shin'ichi Okamoto have joined our board of directors, said Daniel Borel, Logitech chairman. "Ms. Ribar provides Logitech with expertise in systems, logistics and supply chain management, which are increasingly important with the growing complexity of our business. And Mr. Okamoto brings to Logitech expertise in technology, interactive entertainment and the strategic Japanese market. We are also thankful to outgoing board members Ronald Croen and Peter Pfluger for their invaluable contribution to our success."
To provide the Company with greater flexibility in managing share buyback programs under Swiss law, Logitech's shareholders authorized the Company to repurchase more than 10 percent of its own shares, with the expectation that the repurchased shares that exceed the 10 percent ownership threshold will be cancelled, with shareholder approval, or used for other purposes.
All other resolutions put before Logitech's shareholders were approved, including the re-election to the board of directors of Daniel Borel, chairman, and Guerrino De Luca, president and chief executive officer.
Founded in 1981, Logitech designs, manufactures and markets personal peripherals that enable people to effectively work, play, and communicate in the digital world. With corporate headquarters through its U.S. subsidiary in Fremont, California, and regional headquarters through local subsidiaries in Switzerland, Taiwan and Hong Kong, Logitech International is a Swiss public company traded on the Swiss Stock Exchange (LOGN) and in the U.S. on the Nasdaq National Market System (LOGI). The company has manufacturing facilities in Asia and offices in major cities in North America, Europe and Asia Pacific.
Logitech, the Logitech logo 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 Web site at www.logitech.com.
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