Company Outlines Board-Approved Proposals in Anticipation of AGM on
September 5, 2018
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 Marjorie Lao, chief financial officer of the LEGO Group.
The election will take place at Logitech's annual general meeting (AGM)
in Lausanne, Switzerland on September 5, 2018.
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Logitech announces that its board of directors will ask shareholders to approve the election of Marjorie Lao, chief financial officer of the LEGO Group, to its board. (Photo: Business Wire)
Sally Davis and Sue Gove have decided not to stand for re-election to
the board at the 2018 AGM when their current terms end. Sally Davis has
been a non-executive member of Logitech's board of directors since 2007,
is chair of Logitech's Nominating Committee and serves on Logitech's
Compensation Committee. Sue Gove has been a non-executive member of
Logitech's board of directors since September 2015 and serves on
Logitech’s Audit Committee.
Guerrino De Luca, chairman of Logitech, commented: “It’s a pleasure to
welcome Marjorie to Logitech. She brings with her extensive experience
in global finance, senior leadership, business strategy and M&A from
tech and brand marketing brands like Tandberg, Cisco and currently LEGO.
She joins a fantastic team at an exciting time for Logitech.
“At the same time, we bid farewell to Sally and Sue. Sally has been with
our board through a long period of challenges that we transformed into
success. We thank her for her outstanding contribution, insights and
commitment. While Sue’s tenure on the board was shorter, her
contribution and engagement were valued by all. We wish both Sally and
Sue the best in their future endeavors.”
Additionally, Logitech’s board of directors has approved and proposes an
annual dividend for Fiscal Year 2018 of approximately CHF 0.67 per
share* – an approximately 10 percent increase compared to FY 2017 –
following Logitech’s highest level of cash flow from operations in eight
years. The gross aggregate dividend is subject to shareholder approval
at Logitech's annual general meeting (AGM) in Lausanne, Switzerland on
September 5, 2018.
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 21, 2018.
Logitech expects to publish its annual report to shareholders and its
invitation for its 2018 annual general meeting in July 2018. 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 2018.
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 Logitech,
Ultimate
Ears, Jaybird,
Logitech
G and ASTRO
Gaming. 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, 2018, 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.
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.
* Based on the number of shares outstanding as of March 31, 2018. The
actual number may change as of the record date.
(LOGIIR)
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Logitech International
Ben Lu
Vice President, Investor
Relations - USA
510-713-5568
or
Krista Todd
Vice
President, External Communications - USA
510-713-5834
or
Ben
Starkie
Corporate Communications - Europe
+41 (0) 79-292-3499
Source: Logitech International