Daniel Borel, Co-Founder and Chairman Emeritus of Logitech International S.A., has issued a letter to Logitech shareholders expressing his concerns about the Board’s proxy disclosures and advocating for an alternative candidate for Chairperson. Borel proposes Guy Gecht, a member of the board of directors for the past five years, as a suitable choice for the position. Borel believes it is crucial for shareholders to have a say in the selection of the Chairperson, rather than simply approving the Board’s sole candidate.
Borel highlights Gecht’s knowledge of the high-tech industry and stability as qualities that make him preferable to the current Chairperson, Wendy Becker, who has announced her departure from the Board after the 2025 annual general meeting. Borel acknowledges the challenge he faced in having his proposal included on the agenda for the upcoming annual general meeting, but a court ruling in Switzerland compelled Logitech to give shareholders the choice they are entitled to under Swiss law.
Borel clarifies certain points in Logitech’s proxy disclosures, stating that while Gecht indicated he would not accept an election as Chairperson at the 2024 AGM, he was initially considered by the Board for the role until the decision was made to let Becker run for another term. Borel also points out that commitments not to accept elections made in advance are generally not enforceable under Swiss law, suggesting that Gecht would likely accept the position if elected.
Borel further criticizes Logitech’s proxy statement for containing inaccurate information regarding the legal regime applicable to the Chairperson’s election. He asserts that shareholders have the sovereign authority to elect a board’s Chairperson under Swiss corporate law, and Logitech’s attempts to dissuade shareholders from voting for an alternative candidate interfere with this right.
In conclusion, Borel urges Logitech shareholders not to give up their right to choose the Chairperson and encourages them to critically evaluate the information provided by the Company. He emphasizes the importance of making an informed decision about who is best suited to lead Logitech’s Board in the future, considering the Company’s challenges and the candidates’ qualifications.
Overall, Borel’s letter highlights the need for shareholders to have a choice in the selection of the Chairperson and raises important concerns about the Board’s proxy disclosures. It underscores the importance of transparency and accountability in corporate governance, ultimately aiming to protect the interests of Logitech shareholders.