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Logitech President and CEO Bracken Darrell keeps an engraved copy of industrial designer Dieter Rams' Ten Principles of Good Design on his office wall as a constant reminder of his mission: expanding Logitech into a multibrand company offering music, gaming, video, and computing products. What Happened? Logitech, which produces computer accessories such as keyboards, mice, gaming headsets and webcams, enjoyed immense popularity during the covid pandemic as people moved toward remote work. Under Darrell's leadership, Logitech underwent a transformation to make their products more meaningful and useful; under their new brand architecture and design-led focus they experienced lower dependency on PC market and financial success; improved culture transformation as well as higher recognition in industry. As Darrell took the reins as president of Logitech in 2012, they had become known for cheap computer mice in neutral colors and forgettable keyboards at affordable price points without much market testing or experimentation. Darrell decided to change this by instituting a philosophy called the Four E's which ensures each product has one unifying concept that drives design and marketing decisions for every facet of its design and marketing; this ensures every new feature, piece of advertising or interaction with consumers are tied back to this central idea. He implemented a more straightforward organizational structure with less layers in the executive team and an open office where employees could see one another; creating an atmosphere in which ideas could flow freely between employees. Logitech, under his leadership, has made several significant acquisitions to broaden their portfolio and reach, such as Blue Microphones, streaming software-maker Streamlabs and gaming headset maker Astro. Gecht has been serving on Logitech's Board since 2019, making him an ideal candidate to lead its search for a new CEO and ensure its plans continue being executed successfully. Chairman Wendy Becker believes Gecht can guide Logitech towards its future goal and continue becoming an award-winning, globally acclaimed design brand. Darrell will remain with the company for one more month in order to facilitate an orderly transition before exploring other opportunities. What’s Next? As Darrell prepares to step down as CEO of Logitech, he says now is an appropriate time for Guy Gecht to take over leadership of the company. Darrell expressed confidence in its strategic vision given a strong financial base, robust product offering and highly effective leadership team - qualities which Logitech boasts of having. Darrell will remain customer, shareholder and fan of Logitech which creates innovative technology products such as keyboards, mice, speakers and webcams. Darrell came to Logitech with an accomplished executive career from Whirlpool and Procter & Gamble, with the intention of revitalizing it into a design company. To accomplish this feat, he sought to combine superior engineering and manufacturing practices with eye-catching designs that would appeal to both customers and investors. At its height of growth under Darrell's direction, Logitech's market cap increased twentyfold. Even with recent volatility in growth stocks, Logitech remains valued at over $12 billion. Darrell attributes much of this success to his leadership style. He strives to inspire employees, respect them and give them autonomy; all while constantly breaking new ground. This approach has contributed greatly to the company's long-term success despite increased competition from tech titans such as Apple and Microsoft. He's managed to avoid becoming complacent by creating a system called "trees, plants and seeds" to keep his company on track. Trees represent core business that will always deliver profits while plants represent new businesses with potential that require work before becoming viable, while seeds represent ideas for future expansion. He further helps maintain this mindset by asking all new employees within 30 to 90 days of joining to write down changes they would suggest within this period. Darrell is optimistic about Logitech's return to double-digit sales growth in the future. He predicts "virtually all rooms" will eventually have video capabilities, while also being enthusiastic about new products designed for cloud gaming and the metaverse. The CEO’s Legacy Bracken Darrell joined Logitech in 2012 after working at Whirlpool (WHR) and Procter & Gamble (PG), viewing it as an underperforming company that didn't place enough emphasis on design. To address this, Darrell hired Alastair Curtis from Nokia (NOK) and Nike (NKE). Darrell made it his priority to ensure his team had all of the autonomy and flexibility required to produce products with both innovative qualities as well as marketability. Logitech's design-led approach is paying off, with PC peripheral sales growing by 258.4% excluding currency fluctuations during last quarter excluding currency shifts largely driven by rising webcam demand during pandemic season as people sought online work/play environments; gaming mice and keyboard sales also soared. At Tuesday's analyst call, executives exuded confidence despite acknowledging the coronavirus crisis could weigh on demand for some time to come. They noted their well-positioned in key growth markets and touted their strong balance sheet and outstanding leadership team as reasons they're optimistic about Fiscal Year 2021 prospects for the company. However, more needs to be done in order to make the business more attractive to investors and consumers alike. Legacy electronics companies in particular often fall prey to trying to be all things to all people by diversifying product categories to appeal to as many consumer segments as possible; unfortunately this strategy often ends up spreading resources too thinly, making it harder for core businesses that drive most revenue and profit to flourish. Logitech understands the significance of having a CEO who can stay focused on core product categories while creating innovative solutions. Wendy Becker expressed confidence in Guy Gecht to achieve just this result and we look forward to watching him navigate this transition successfully. The Company’s Future Logitech board chairman Wendy Becker expressed gratitude to Darrell for leading an exceptional period at Logitech under Darrell's tenure, during which time Logitech underwent dramatic change and transitioned into an award-winning design company, industry force, committed to sustainability, equal world environmentalism, and top performing global stock listed on both SIX Swiss Exchange and Nasdaq Global Select Market. Darrell describes success as being addictive, having learned his lessons at various large companies over his career. On one hand, they provided discipline on costs and investments in sales and marketing; on the other hand, bureaucratic practices may smother innovation. Darrell wanted Logitech's culture to encourage new ideas while welcoming risk and failure as part of a holistic strategy to keeping them fresh and innovative. Since 2008, he has led his company - now one of the second-largest consumer electronics producers worldwide and leading supplier of input devices for digital gadgets and software - with one mission in mind: helping people connect to digital technology that adds joy and utility to their lives while protecting the environment and creating economic opportunities all around. To meet that goal, the company has developed an expansive lineup of intelligent products designed for the connected world and digital video recording. Their iconic keyboards and mice can be found in millions of households around the globe; webcams from Logitech are utilized by professional videographers as well as home users; gaming products have earned several best-of-show awards at major trade shows; while gaming products from Logitech have garnered best-of-show honors at major trade shows. Logitech is currently expanding its headquarters in Switzerland and the US, creating hundreds of jobs as it strives to become a worldwide leader in connecting people and devices, and an employer of choice for talented employees. As Logitech continues its global expansion, they rely on ON Partners' expertise in crafting solutions tailored to meet both their organization and diversity goals. ON Partners has assisted Logitech in recruiting talent that best represents its diverse and global workforce.