Dividend up 10% year over year;
Thomas and Cadonau elected to board of directors
LAUSANNE, Switzerland & NEWARK, Calif.--(BUSINESS WIRE)--Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced that during its annual general meeting (AGM) the Company’s shareholders approved a dividend of approximately CHF 0.80 per share* — an increase of approximately 10% compared to the FY 2019 dividend.
Additionally, Logitech’s shareholders elected to the board of directors Deborah Thomas, executive vice president and chief financial officer of Hasbro, Inc., and Riet Cadonau, chairman and CEO of dormakaba Holding AG. Thomas will take up her mandate immediately, and Cadonau will take up his mandate on April 1, 2021. All incumbent nominees to the board were re-elected, and all other proposals at the AGM were approved.
Wendy Becker, Logitech’s chairperson of the board, said: “Last year, Logitech delivered our fifth consecutive year of near double-digit growth or better. This consistently strong performance has permitted a continued increase in our annual dividend. I’m also delighted to welcome Deborah and Riet to our board. Both bring senior leadership and strong international experience to the team, from consumer, technology and services sectors. I look forward to another remarkable year for Logitech.”
Logitech expects the payment date for the dividend to be September 22, 2020. The shares are expected to be traded ex-dividend on the SIX Swiss Exchange and the Nasdaq Global Select Market starting on September 18, 2020. Shareholders will find more information about the dividend on the Logitech corporate 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 Logitech, Logitech G, ASTRO Gaming, Streamlabs, Ultimate Ears, Jaybird, and Blue Microphones. 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.
This press release contains forward-looking statements within the meaning of the U.S. federal securities laws, including, without limitation, statements regarding the timing of dividend payments and the Company’s fiscal year 2021. 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; 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; 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 we are not able to maintain and enhance our brands; if our products and marketing strategies fail to separate our products from competitors’ products; the COVID-19 pandemic and its potential impact; 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 product categories, or significant fluctuations in exchange rates; changes in trade policies and agreements and the imposition of tariffs that affect our products or operations and our ability to mitigate; risks associated with acquisitions; 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 Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2020 and our Annual Report on Form 10-K for the fiscal year ended March 31, 2020, 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.
Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A and/or its affiliates in the U.S. and other countries. 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, 2020. The actual number may change as of the record date.
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