Logitech must nominate Borel candidate for Chairman of the Board of Directors
Published: Monday, Jul 22nd 2024, 17:10
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In the dispute over the appointment of the Chairman of the Board of Directors at Logitech, company founder Daniel Borel has prevailed. At Borel's request, the computer accessories manufacturer must nominate Board member Guy Gecht for the position.
The Vaud District Court of La Côte issued a ruling to this effect on Monday following a hearing. Logitech must therefore adjust the agenda for the Annual General Meeting scheduled for September 4.
Borel holds 1.5 percent of Logitech and has been opposing the re-election of Wendy Becker, who has been President since 2019, for some time. At the beginning of July, Logitech announced that Becker would not be standing for re-election at the Annual General Meeting in fall 2025. However, Borel wants her to step down as early as 2024.
Instead, Borel proposed Guy Gecht. The latter had served as interim CEO of Logitech last year. However, Gecht does not want to become Chairman of the Board of Directors of the company. He declined his nomination at the hearing.
Logitech's statement is correspondingly dismayed. The company was "astonished" that a member of the Board of Directors could be forced to be nominated for the position of Chairman, even if they declined the nomination. This would lead to unnecessary confusion among shareholders.
The Annual General Meeting will take place as planned on September 4, Logitech further explained.
Borel: Gecht will schon
Meanwhile, Borel explained in an open letter to the Board of Directors, which is available to AWP, that Gecht had only rejected his nomination because he did not want to run as a candidate. "If Guy does not want to run this year, he is determined to run for the chairmanship in 2025," Borel explained.
And the Logitech founder maintains his opposition to Becker: Borel calls on the Board of Directors to "finally assume its responsibility" and inform the shareholders which Board member is best suited to lead the company into the future.
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