Logitech co-founder Daniel Borel has publicly called for the company to find a new chairperson. This comes after Borel objected to the re-election of Wendy Becker to the role at the Swiss-American computer peripherals maker’s Annual General Meeting (AGM) earlier this week.
Concerns About Company Direction
Borel, one of the three people who founded Logitech in 1981, expressed his concerns about the direction of the company under Becker’s leadership. Becker has chaired Logitech since September 2019.
Shareholder Support for Becker
Despite Borel’s objections, Logitech stated that Becker had the support of its shareholders. “We are grateful for Daniel’s contribution over the last 40 years, and always welcome his feedback,” a spokesman said. Becker was re-elected as chair and board member with 96% of the votes, indicating shareholder confidence in her leadership.
Borel’s Future Plans
Borel holds the honorary position of chairman emeritus at Logitech and said he would give its board time to act before pursuing his agenda further. He wants Logitech’s board to develop a transition plan to replace Becker by the end of its current financial year, which runs to the end of March 2024.
Logitech enjoyed a boom during the COVID-19 pandemic as people stocked up on equipment to work from home. However, sales and profit fell steeply last year. Borel, who holds a stake of around 1.5% in Logitech, said the downturn had not been recognized quickly enough.