Logitech Nominates Two New Directors to Board; Proposes 10% Annual Increase for FY17 Dividend
Company Outlines Board-Approved Proposals in Anticipation of AGM on September 12, 2017
LAUSANNE, Switzerland and NEWARK, Calif., June 28, 2017 — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced that its board of directors will ask shareholders to approve the election to the board of Wendy Becker, former chief executive officer of Jack Wills Ltd., and Neela Montgomery, a member of the executive board at the Otto Group GmbH and soon-to-be chief executive officer of Crate and Barrel. The election will take place at Logitech's annual general meeting (AGM) in Lausanne, Switzerland on September 12, 2017.
Guerrino De Luca, chairman of Logitech, commented: "Both Wendy and Neela bring a special mix of experience to Logitech’s board, invaluable to our company as we continue on our path of profitable growth. Wendy has a strong background in strategy, brand marketing and design from her senior roles at Jack Wills, Vodafone, McKinsey and TalkTalk, as well as diverse board and trustee positions. Neela’s leadership experience in multi-channel retail, e-commerce and home electronics will be equally valuable, particularly given the global nature of her roles at the Otto Group and Tesco. We have a fantastic team at Logitech, and it’s a pleasure to nominate these two new board members.”
Additionally, Logitech’s board of directors has approved and proposes an annual dividend for Fiscal Year 2017 of approximately CHF 0.62 per share* – a 10 percent increase compared to FY 2016 – following its highest level of cash flow from operations in seven years. The gross aggregate dividend is subject to shareholder approval at Logitech's annual general meeting (AGM) in Lausanne, Switzerland on September 12, 2017.
If the dividend proposal is approved by shareholders at the Company's AGM, the approximate payment date for the dividend is expected to be September 27, 2017.
Logitech expects to publish its annual report to shareholders and its invitation for its 2017 annual general meeting in July 2017. The Company also intends to file its preliminary proxy statement, which includes additional information regarding the nominees and other proposals for the AGM, with the U.S. Securities and Exchange Commission and post it on the Company's website at http://ir.logitech.com
Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. More than 35 years ago, Logitech started connecting people through computers, and now it’s a multi-brand company designing products that bring people together through music, gaming, video and computing. Brands of Logitech include Jaybird, Logitech G and Ultimate Ears. Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @Logitech.
2017 Logitech, Logicool, Logi and other Logitech marks are owned by Logitech and may be registered. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.
* Based on the number of shares outstanding as of March 31, 2017. The actual number may change as of the record date.
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