Logitech AGM: Ethos and Actares in favor of voting out CEO Becker
Published: Friday, Aug 30th 2024, 11:10
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For the showdown in the long battle between Logitech founder Daniel Borel and Chairman of the Board of Directors Wendy Becker at the Annual General Meeting next Wednesday, the French-speaking Swiss has gained prominent allies. The Ethos investment foundation and the Actares shareholders' association are opposing Becker's re-election as head of the supervisory board, as reported by several media outlets.
"We support Mr. Borel's shareholder proposals and recommend that our clients vote for the election of Mr. Guy Gecht as Chairman of the Board of Directors at the Annual General Meeting in early September", Ethos Director Vincent Kaufmann told the magazine "Bilanz". Ethos has a positive impression of Mr. Gecht, who has done a good job as interim CEO.
Actares Managing Director Roger Said echoes this sentiment: Gecht already has "solid experience with the operational side of the company", having been at the helm of Logitech for seven months as interim CEO in 2023. Therefore, Borel's proposal for Gecht's election as the new Chairman of the Board of Directors has a certain logic and is not disruptive, Said explained in the business newspaper "L'Agefi".
Ethos director Kaufmann also shares Borel's argument that a technology expert is needed at the head of the Board of Directors, after the new CEO Hanneke Faber came from consumer goods giant Unilever and her expertise lies mainly in the areas of sales and marketing.
Against election of Group CEO to BoD
However, Ethos and Actares are not questioning Becker's re-election to the Board of Directors: both organizations have issued a "yes" vote.
However, they reject the election of Group CEO Faber to the Board of Directors. Actares justifies this with the fact that the Dutchwoman performs an executive function in the company. Ethos and Actares also oppose the remuneration of the Executive Board.
However, the influential American proxy advisors ISS and Glass Lewis support Logitech's positions. Borel's proposals at the AGM are therefore likely to find it difficult to obtain a majority of shareholder votes. This is because Borel only owns 1.5 percent of the computer accessories manufacturer. And according to Kaufmann, Ethos clients only hold 3 to 5 percent of Logitech shares.
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