LOGI

Logitech International S.A. (LOGI)

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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

Good day and welcome to the Logitech Conference Call. At this time, all participants are in listen-only mode. We will be conducting a question-and-answer session and instructions will follow at that time. This call is being recorded for replay purposes and may not be reproduced in whole or in part without written authorization from Logitech.

I would now like to introduce your host for today’s call, Mr. Guerrino De Luca, Chairman and CEO of Logitech.

Guerrino De Luca

Thank you, Lacy, and good morning, good afternoon and thanks for joining us on such a short notice. I will have a few remarks and then we’ll go to your questions. I am very pleased that Bracken Darrell will join Logitech as President on April the 9th. He brings pertinent experience and a track record of success with preeminent global consumer companies including Whirlpool, Procter & Gamble, and General Electric.

We conducted an extensive search over the past months, including interviews and in-person meetings with several outstanding candidates. We realize how attractive our company is for many qualified and engaging executives. In the end, Bracken stood clearly as the best choice for Logitech.

Bracken’s broad executive management experience expand product strategy and innovation, marketing, manufacturing, supply chain, and consumer services. He has led growth and reinvention for iconic brands like Braun, KitchenAid, Gillette, Old Spice, and Whirlpool. The board and I are particularly excited by Bracken’s passion for keeping the consumer at the heart of decisions, a perspective that we believe is critically important to drive Logitech to renewed profitable growth.

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.

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