Logitech founder fails in bid to oust president Reuters

ZURICH (Reuters) – Logitech International founder Daniel Borel failed on Wednesday in his bid to oust Chairman Wendy Becker, accusing her of failing to provide leadership at the mouse and keyboard maker.

Just under 86% of shareholders voted to re-elect Becker at the company’s annual general meeting in Lausanne, against the wishes of Borel, who wanted board member Guy Gecht to replace her.

Gecht, who said at the event that he would not accept the position of chairman if elected, has meanwhile received the support of 14% of shareholders.

Borel, one of three people who founded Logitech (NASDAQ: ) in 1981 and still owns a 1.2 percent stake, said the Swiss-American company has not adapted quickly enough to trends such as artificial intelligence or the post pandemic environment.

He was also worried about Becker’s management team – a former head of British clothes maker Jack Wills and CEO Hanneke Faber, a former Unilever executive – saying they lacked technology experience.

Logitech has only recently returned to sales growth after suffering nine quarters of declining sales following the pandemic boom.

“After the crazy Covid years, the company simply built on past successes,” Borel told shareholders.

“It lacks leadership capable of meeting the extreme challenges ahead – especially artificial intelligence,” he added. “The guy running Logitech has no experience in technology. It’s a dangerous situation.”

Becker, who has been chairman since 2019, said he would step down at the company’s AGM next year.

Borel said at this year’s event that such a long transition period “doesn’t make sense in the fast-paced world of technology.”