Things are getting ugly at Logitech: Company founder Daniel Borel gives President Wendy Becker an ultimatum

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.