Logitech Co-Founder Urges Leadership Change Amid Company’s Crossroads
Daniel Borel, a founding figure at Logitech, expressed worry about the company’s leadership direction, particularly regarding Wendy Becker’s re-election as chairperson.
Despite a recent rise in share prices, concerns about direction and market adaptability arise, prompting a call for a transition plan to replace the current chairperson.
Daniel Borel, one of the founders of Logitech dating back to 1981, has raised concerns about the company’s leadership, particularly regarding the re-election of Wendy Becker as chairperson during the recent Annual General Meeting (AGM).
Borel, who maintains an honorary position as chairman emeritus at Logitech, has voiced apprehensions about the company’s direction and its ability to adapt to changing market dynamics.
“I am not yet a dinosaur meddling, but I am worried about the future of Logitech, the company I created,”Borel told Reuters, emphasizing the need for a new chairperson capable of responding to evolving market conditions.
Logitech, a Swiss company with over 40 years of experience, focuses on designing high-quality tech products. Its products are available worldwide, serving various purposes, from supporting businesses to bringing people together through music, gaming, streaming, video, and computing.
Moreover, Logitech operates under multiple brand names, including: Logitech, Logitech G, ASTRO Gaming, Ultimate Ears, Jaybird, Blue Microphones and Streamlabs.
The company has seen a 10% rise in its share price in 2023 and issued a response stating that Wendy Becker enjoys the support of its shareholders.
”Wendy herself – the only female chair in the Swiss blue chip index – was re-elected as chair and board member with 96% of the votes, a clear sign of shareholder confidence in her leadership,” a Logitech spokesman said.
Borel has given the company’s board some time to address the issue and is advocating for the development of a transition plan to replace Wendy Becker by the end of Logitech’s current fiscal year, concluding in March 2024.
Despite experiencing significant growth during the COVID-19 pandemic as remote work and digitalization surged, Logitech faced a downturn in sales and profits in the previous year.
Borel contends that the company failed to promptly recognize these challenges, resulting in inadequate cost reduction measures and insufficient succession planning following the departure of long-serving CEO Bracken Darrell in June.
At the end of its last fiscal year, Logitech reduced its workforce by 300 employees out of 8,200 and cut operating expenses by 17%.
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