Logitech Board Authorizes To Repurchase Up To $250 Mln Of Shares

(RTTNews) - Logitech International (LOGI) said that its board approved a number of items, including a new share buyback program, a proposed dividend for fiscal year 2020, and a new Group Management Team member and Executive Officer.

The company also announced that it filed its annual report on Form 10-K for fiscal year 2020.

The company's board has approved a new, three-year share buyback program, which authorizes the company to use up to $250 million to repurchase its shares. The new program is expected to begin following approval from the Swiss Takeover Board and replaces the company's prior buyback program that expired in April 2020.

Logitech's board has also approved a proposal for a Fiscal Year 2020 dividend, which would be approximately a 10 percent annual increase versus last year's dividend.

Logitech board has also designated Prakash Arunkundrum, head of global operations, as a new member of Logitech's Group Management Team and determined that he will be an Executive Officer.