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Daniel Borel had been hesitating about going public for almost two years. Logitech was whining behind the scenes with the board and President Wendy Becker herself. He spoke to confidants inside and outside the company and gave BILANZ a remarkable interview that he was ultimately not allowed to appear on. Borel’s goal for the end of 2021: Logitech to curb costs. And then a replacement will be quickly found for CEO Bracken Darrell, who has become increasingly invisible since the beginning of 2022 and then officially resigned this June. In vain: “Over the last 18 months, Becker has never responded constructively to anything I’ve said to him,” Borel said. He wrote to her several times, and they spoke to each other four times. “But each time it was a monologue, not an exchange of ideas. He sits there like a block of ice, not saying a word for an hour and never asking a question.” People are increasingly wondering why the president can’t work with the founder, even within the company.
Therefore, Borel spoke at Logitech’s general assembly on September 15, urging the board to look for a new chairman. Unfortunately, Becker had been re-elected with 96.5 percent of the vote at this point. “If I had spoken in advance, it wouldn’t have changed anything,” says Borel. “Then he might have gotten a few percent fewer yes votes. Almost all the votes are cast before the general assembly meeting.”
Borel probably didn’t believe Becker would resign. That would be a sign that the overly power-conscious president is cowering before a shareholder with 1.5 percent of the votes, even if he is one of the company’s founders. It’s also extremely unlikely that VR will remove Becker: He’s also the chairman of the nomination committee, so he has too much power. Borel describes him as a “control freak” and “very legalistic person”: “I believe that he works not for the company, but only for himself, to shine in the world. It’s obvious it doesn’t belong to Logitech!”
Borel adds: “He doesn’t want to acknowledge the seriousness of the situation, driving the company towards the wall.” He thinks the former fashion manager is unqualified: “He’s never done a job like this before in a complex, global high-tech company.” And he accuses her of not sharing the company’s values: “There is a culture of arrogance, not humility. He doesn’t get along with people and has no respect!”
Now the honorary president is increasing the pressure. “I can’t remain passive,” says Borel. If things don’t go his way, he will seek the support of other shareholders: “I have many signs that people at Logitech welcome and support my actions. I’m not doing this for myself, but for him and the company.” He’s already set the time frame: If Becker doesn’t take any steps to vacate his position “before the end of the year,” he will actively work to have him voted out. This won’t be easy. Because shareholders are fragmented. The largest shareholder is Logitech itself, with 5.09 percent of its titles. Borel can forget these sounds. The following nine shareholders (all banks and asset managers) own only 26.76 percent. Borel is the eleventh largest shareholder with a share of 1.5 percent, after which its voting share rapidly shifts to the thousandth range.
“I have a lot to enjoy in life. I hate this situation that’s been going on for so long,” says Borel, 73. “But it’s not about me or Wendy Becker, it’s about the future of the company.” The coming months promise to be quite exciting for Logitech.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
