Logitech founder Daniel Borel is calling for the resignation of the chairman of the board after a difficult year for the Swiss-American computer accessories maker. Wendy Becker, who has led the supervisory board since September 2019, lacks the experience and market knowledge to guide Logitech through the current recession, says Borel, who also owns about 1.5 percent of Logitech shares.
“I’m not yet a meddlesome dinosaur, but I worry about the future of Logitech, the company I founded,” he told Reuters. “Logitech needs a new board of directors, someone who can respond to the changing market situation.”
Logitech has had a rollercoaster ride. The business thrived during the Covid pandemic as people stocked up on devices to work from home. Last year, sales and profits fell. Borel, who co-founded the company in 1981, said Becker did not recognize the post-pandemic downturn quickly enough and failed to respond. The company has not cut costs enough to meet declining demand. Additionally, Logitech neglected succession planning for longtime CEO Bracken Darrell. Darrell left in June and no permanent successor has yet been named.
Borel is proposing that the board develop a transition plan to replace Becker by the end of the current fiscal year, in March 2024. “I want to give the board sufficient time to handle this matter in an appropriate and humane manner, not just a few weeks,” he said.
“Clear sign of trust”
The 73-year-old honorary chairman’s intervention came after Becker, the former boss of British clothing manufacturer Jack Wills, was re-elected as president with a large majority at the company’s general meeting on Wednesday.
Logitech is grateful for the contributions Borel has made over the past 40 years, a company spokesperson said, adding, “We are always happy to receive his feedback.” Becker – the only female chairman of the board of directors in the Swiss default index – is the one who was re-elected with 96 percent of the votes. “This is a clear sign of shareholders’ confidence in their leadership.”
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
