- Logitech co-founder Daniel Borel has won a court battle to nominate Guy Gecht as chairman, challenging the current leadership.
- The Swiss court’s decision has added an unexpected twist to Logitech’s governance, with shareholders set to elect new leadership at the company’s upcoming annual meeting.
OUR TAKE
Logitech co-founder Daniel Borel has won a court order to put his nominee, Guy Gecht, on the agenda for Logitech’s upcoming shareholder meeting. This court ruling is a major development for Logitech, as it highlights significant tensions within the board and raises critical questions about future leadership and strategic direction. The outcome could potentially shift the power dynamics within the company, impacting its operating philosophy and market approach. The situation also reflects broader issues of board governance and shareholder rights, as evidenced by Logitech’s statement expressing concern about the confusion this boardroom battle may cause among shareholders.
—Heidi Luo, BTW reporter
What happened
Logitech co-founder Daniel Borel has successfully won a court battle that allows him to include his preferred candidate, Guy Gecht, as a nominee for chairman on the agenda for the upcoming shareholder meeting of the Swiss computer hardware company. This marks the latest development in an ongoing leadership struggle at Logitech.
The decision by a Swiss court adds a new twist to the ongoing leadership battle at the world-renowned computer hardware company. The ruling allows shareholders to vote on Gecht as a potential chairman at the meeting on 4 September, despite his own reluctance and the company’s support for current chairman Wendy Becker.
“Ultimately, it will be up to the shareholders to decide on the day of the annual general meeting whether they wish to give their vote to a person who today, in any case, is not seeking the position of chairman of the board, and ultimately to Guy Gecht whether or not to accept his nomination if he is elected,” the court ruling said.
Also read: Logitech unveils innovative MX Ink stylus for Meta Quest VR headsets
Also read: GameStop shares tumble after CEO says store network will shrink
Why it’s important
Logitech International is a Swiss-based company known for its innovation in personal peripherals, focusing primarily on products such as mice, keyboards, webcams and other computer accessories. Founded in the 1980s, Logitech has grown into a leading brand in the technology accessories market, renowned for enhancing the user experience through cutting-edge design and technology.
At present, Daniel Borel is actively seeking to replace chairwoman Wendy Becker, in part because he believes she lacks experience in the technology industry. However, Logitech has previously indicated that Guy Gecht, a current board member, is not interested in becoming chair and has voiced his support for Becker.
“We are surprised by today’s decision, particularly because it holds that a director can be forced to accept a nomination for chairman even if he or she declines the nomination and the board has unanimously supported the nominee,” Logitech said in a statement. “We regret that the addition of this irrelevant proposal will create unnecessary confusion for shareholders.”
Borel expressed his satisfaction with the court’s decision. “I am pleased with the decision. I hope that Logitech’s board will now take its responsibilities, and indicate to shareholders who, between Mr. Guy Gecht and the current chair, is best suited to lead Logitech in the future,” he said.
