Logitech International (LOGI) Appointment of New President Call March 15, 2012 10:30 AM ET Executives Guerrino De Luca – Chairman and CEO Analysts John Bright – Avon Dale Partners Simon Schafer – Goldman Sachs Michael Föth – Bank Vontobel Tavis McCourt – Morgan Keegan Alexander Peterc – Exane BNP Paribas Presentation Operator
Add in his extensive international experience including his most recent role as President of Whirlpool EMEA and we believe that Bracken is an excellent match with our global business.In his initial role as President, Bracken will have responsibility for the vast majority of Logitech’s operations including R&D, sales and marketing, manufacturing, supply chain and I.T, among others. These are the areas that we believe hold the greatest potential for meaningful transformation and that will benefit the most from Bracken’s fresh perspective. I am confident he will prove to be a powerful change agent across the company with a mandate to drive improved efficiency, faster time to market, and revitalized connection between our products and their users. Bracken will succeed me as Logitech’s CEO on January 1, 2013. At that point, I will return to my role of Chairman. As you would expect, one of my top priorities between now and then will be to work closely with him as he transitions into the CEO role. In addition, I will continue to play an integral part in improving our product roadmap for fiscal ‘13 and beyond. There is still work to be done there, but I’m very excited about the strength of the new products that we plan to introduce in the coming months. I believe these products will make a significant contribution to improved performance during the second half of fiscal ‘13. Another key element in improving our performance is a simplification of our product portfolio. We plan to share more about this effort, which we launched l earlier this quarter during our April earnings call. My responsibilities during the transition will continue to include providing an external face for the company’s IR and PR activities. Bracken’s external exposure will gradually increase in the coming quarters, but I believe that providing him the opportunity to initially focus exclusively on improving the company’s operation will result in the greatest long-term benefit to our shareholders, to our customers, partners, and employees. Bracken is not with us today, because he has yet to join the company, but I look forward to introducing you to him during our earnings call on April 26.
And with that, I am available to take your questions. Please follow the instructions of the operator.Question-and-Answer Session Operator Thank you. (Operator Instructions) And our first question will come from the line of John Bright with Avon Dale Partners. Please proceed. John Bright – Avon Dale Partners Thank you. Good morning, Guerrino. Guerrino De Luca Good morning, John. John Bright – Avon Dale Partners Your focus has been on a product guy. One thing, I don’t see in here is CE or consumer electronics experience. Why is he the right product guy? Guerrino De Luca Yeah. First of all, because he has led global company that are product and consumer driven across a wide spectrum of consumer product. Second, if the question is, why can a person that doesn’t come from a technology industry lead a technology company? That is kind of a – it misses a key point. There is a lot of technology expertise in the company. We match their every technology that we need for our products and we understand the technology landscape. What we want is a person that is able to transform this technology and this opportunity into products that people want to buy, and love to use and do that with an extreme DNA focus on the consumer. If you worked at Procter & Gamble, at General Electric, at Whirlpool, if you led brawn into its turnaround, you know that it’s in your DNA to think consumer first, and I think the company would benefit immensely from that. Read the rest of this transcript for free on seekingalpha.com