Logitech 2015 Annual Report Download - page 69

Compensation Report for Fiscal Year 2015
59 | – Proxy Statement
2015 Annual General Meeting Invitation, Proxy Statement
This Compensation Report has been designed to comply with both the proxy statement rules under U.S. securities
laws and Swiss regulations. This Report is an integrated part of our Annual Report, Invitation, and Proxy Statement for
our 2015 Annual General Meeting.
Compensation Discussion and Analysis
This Compensation Discussion and Analysis is intended
to assist our shareholders in understanding our executive
compensation program by providing an overview of our
executive compensation-related policies, practices, and
decisions for fiscal year 2015. It also explains how we
determined the material elements of compensation for
our Chief Executive Officer, our Chief Financial Officer,
and the three executive officers (other than our Chief
Executive Officer and Chief Financial Officer) who were
our most highly-compensated executive officers for fiscal
year 2015, and who we refer to as our “Named Executive
Officers.” For fiscal year 2015, our Named Executive
Officers were:
• Guerrino De Luca, our Executive Chairman;
• Bracken Darrell, our President and Chief
Executive Officer;
• Vincent Pilette, our Chief Financial Officer;
• Marcel Stolk, our Senior Vice President, CCP Business
Group; and
• L. Joseph Sullivan, our Senior Vice President,
Worldwide Operations.
Executive Summary
The Compensation Committee believes the design of our
executive compensation programs has and will continue
to meet our goal of providing our executives with market-
competitive compensation packages that provide for
above market rewards when Logitech outperforms both
our internal goals and the overall market, and limited
rewards when Logitech’s performance does not meet
these objectives. Overall, our Compensation Committee
has developed executive compensation programs that it
believes will provide an incentive to drive the Company’s
performance and reward both our shareholders and
our executives.
Business Highlights
During fiscal year 2015, Logitech had strong performance
and good momentum in spite of currency headwinds.
Excluding the non-cash goodwill impairment with
respect to our video conferencing segment, we had the
best operating income and earnings per share results
since fiscal year 2008. Our performance reflected the
many changes made to improve company sales with a
significant increase in revenue in our growth category
businesses while rigorously managing operating
expenses to improve profitability. Please see the section
entitled Management’s Discussion and Analysis of
Financial Condition and Results of Operations in our
Annual Report for a more detailed discussion of our fiscal
year 2015 financial results.