(Bloomberg) — Logitech International SA chair Wendy Becker won’t stand for reelection at the company’s annual meeting in 2025 after Bloomberg reported that the company’s founder Daniel Borel had proposed a vote to replace her.
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Borel has long pushed to oust Becker and says the firm is lacking people with the right tech experience at the top. Logitech, which makes keyboards, webcams and other computer accessories, will task a board committee with finding a successor to Becker, it said in a statement Monday evening.
Borel expressed relief about the decision, but said it needs to happen sooner. He voted against Becker’s re-election at the company’s AGM last year, and was seeking a vote on a new chair at the next meeting in September. He had proposed Guy Gecht as the new chair.
“With her staying until 2025 we are losing another year,” Borel said of Becker’s decision. “It is another interim situation that creates insecurity.”
Logitech fell 1.9% as of 9:55 a.m. Zurich time, among the biggest declines in the SMI. The stock is up more than 60% over the past year.
In its statement Monday, the company also proposed Donald Allan, president and chief executive officer of Stanley Black & Decker Inc., and Owen Mahoney, former president and chief executive officer of Nexon Co., as new board members.
Analysts at Zurich Kantonalbank welcomed the news of the board changes, saying they would resolve disagreements and enable a “fresh start” for the board.
–With assistance from Allegra Catelli.
(Updates with Borel comment, shares starting in third paragraph)
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