Logitech Nominates EPFL President Patrick Aebischer to Board of Directors
Company Outlines Board-approved Proposals, Including Dividend, in Anticipation of AGM on September 7, 2016
NEWARK, Calif. and LAUSANNE,Switzerland, —June 29, 2016 — Today Logitech (SIX:LOGN) (Nasdaq: LOGI) today announced that its board of directors will ask shareholders to approve the election to the board of Patrick Aebischer, president of the École polytechnique fédérale de Lausanne (EPFL). The election will take place at Logitech's annual general meeting (AGM) in Lausanne, Switzerland on September 7, 2016.
Long-standing director, Kee Lock Chua, has decided not to stand for re-election to the board at the 2016 AGM when his current term ends. He has been a non-executive member of Logitech's board of directors since 2000. He is the chair of Logitech’s Nominating Committee and also serves on Logitech's Audit Committee.
Guerrino De Luca, chairman of Logitech, commented: "Patrick’s transformational tenure as EPFL president has made the school a model for universities around the world, yet this is far from the only attribute to recommend him. He is also a tech entrepreneur and senior leader of a number of Swiss companies, with a global world view and strong strategic experience. As we prepare ourselves to welcome Patrick, I'd also like to thank Kee Lock for his sixteen years of invaluable service to the board and company. He will always remain a friend of Logitech.”
Additionally, Logitech’s board of directors has approved and proposes an annual dividend for Fiscal Year 2016 of approximately CHF 0.56 per share* following another year of strong cash flow from operations. This is part of the Company’s plan to return up to $500 million in cash to shareholders over a three-year period, from Fiscal Year 2015 to Fiscal Year 2017, in the form of dividends and share repurchases. The gross aggregate dividend is subject to shareholder approval.
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, 2016. Informational materials about the AGM will be made available to Logitech registered shareholders on or about July 22, 2016.
Logitech 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 on or shortly prior to July 12, 2016.
Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. Over 30 years ago Logitech started connecting people through computers, and now it’s designing products that bring people together through music, gaming, video and computing. Founded in 1981, 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
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This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding: dividends, share repurchases, and the timing of dividend payments and ex-dividend dates. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech's actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; the demand of our customers and our consumers for our products and our ability to accurately forecast it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; if we do not successfully execute on our growth opportunities or our growth opportunities are more limited than we expect; if sales of PC peripherals are less than we expect; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if our products and marketing strategies fail to separate our products from competitors’ products; if we do not fully realize our goals to lower our costs and improve our operating leverage; if there is a deterioration of business and economic conditions in one or more of our sales regions or operating segments, or significant fluctuations in exchange rates; the effect of changes to our effective income tax rates. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech's periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2016, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release..
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*Based on the number of shares outstanding as of March 31, 2016. The actual number may change as of the record date.