Hanneke Faber
About Hanneke Faber
Johanna “Hanneke” Faber is Logitech’s Chief Executive Officer and a director since December 1, 2023; she is 56, holds a BA in Journalism and an MBA from the University of Houston, and previously led major divisions at Unilever and Ahold Delhaize . Fiscal year 2025 results used for pay-versus-performance show revenue of $4.61B, net income of $631.5M, and a company TSR “$100 investment” value of 209, against peer TSR of 284 . Under her tenure, management emphasized cost discipline, B2B growth, gaming share recovery in China, and manufacturing diversification to mitigate tariffs, while launching multiple new products .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Unilever PLC | President, Global Nutrition Division | Jul 2022–Nov 2023 | Led global Nutrition; prior leadership of Foods & Refreshment; executive committee member since 2018 |
| Unilever PLC | President, Unilever Europe | Jan 2018–May 2019 | Led European operations on executive committee |
| Ahold Delhaize N.V. | Chief Commercial Officer; Chief E‑Commerce & Innovation Officer | 2013–2017 | Drove commercial, e‑commerce and innovation across the group |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Tapestry, Inc. | Director; Audit Committee | Since 2021 | Public company board service; Audit Committee member |
| Swiss‑American Chamber of Commerce | Board | N/A | Business advocacy and network |
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | $422,075 (prorated; annual base $1,350,000) | $1,371,483 |
| Target Bonus % of Salary | 125% (CEO target) | 125% |
| Target Bonus ($) | $1,687,500 (pro‑rated actual paid $675,000) | $1,687,500 |
| Actual Annual Bonus Paid ($) | $675,000 | $3,206,250 (190% of target) |
| Perquisites/Other ($) | $320,306 | $641,692 (relocation/travel $556,256; Swiss pension $31,886; PTO payout $29,746; 401(k) $20,850; insurance $2,782) |
Performance Compensation
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Revenue (Constant Currency) | 45% | $4,072M | $4,363M | $4,581M | $4,610M | 200% |
| Non‑GAAP Operating Income | 45% | $635M | $705M | $740M | $775M | 200% |
| ESG Sustainability Scorecard | 10% | 50% | 100% | 200% | 100% | 100% |
| CEO Bonus Determination | 100% Corporate | — | — | — | Overall 190% | 190% |
| FY 2025 PSU Design | Primary Metrics | Modifier | Performance Period |
|---|---|---|---|
| PSUs only (no annual RSUs) | 50% revenue growth (3‑yr avg) and 50% 3‑yr non‑GAAP operating income | 3‑yr relative TSR vs Russell 3000 | 3 years (0–200% vesting) |
| FY 2025 Grants (CEO) | Grant Date | Award Type | Target Shares (#) | Grant Date Fair Value ($) | Notes | |---|---|---:|---:|---| | Annual LTI | Apr 15, 2024 | PSUs | 63,249 | $5,337,583 | Maximum value at grant if 200%: $9,526,564 | | Replacement Award (from prior employer) | Dec 15, 2023 | RSUs (service‑based) | 13,777 unvested at 3/31/25 | — | Replacement vest dates: Feb 15, 2025 (partial) and Feb 15, 2026 (remainder) |
Additional notes:
- FY23–25 PSUs did not vest due to negative revenue growth over the period (discipline on performance pay) .
- Stock awards vested in FY25 for CEO: 17,598 shares; value realized on vesting $1,845,549 (market‑price based) .
Equity Ownership & Alignment
| Ownership Item | As of | Amount | Notes |
|---|---|---|---|
| Beneficial Shares Owned | Jun 30, 2025 | 8,258 | <1% of shares outstanding |
| Unvested RSUs (Replacement) | Mar 31, 2025 | 13,777 | Service‑based; remaining tranche vests Feb 15, 2026 |
| FY25 PSUs at Target (Unvested) | Mar 31, 2025 | 63,249 | 3‑year performance period; 0–200% vesting range |
| CEO Stock Ownership Guideline | Policy | 5x base salary | CEO must hold 100% of after‑tax shares until guideline met; 5‑year window to comply |
| Hedging/Pledging | Policy | Prohibited | No short sales, derivatives, hedging or pledging of Logitech stock |
Employment Terms
| Term | Detail |
|---|---|
| Start Date | Appointed CEO and GMT member effective Dec 1, 2023 |
| Employment Agreement | At‑will; sets base salary, target bonus, equity recommendations |
| Notice Period | NEOs entitled to 12‑ or 9‑month notice or non‑compete provisions upon termination |
| Severance Cash | None; cash severance eliminated since 2015 per Swiss regulations |
| Change‑of‑Control | Double‑trigger equity acceleration only; PSUs convert to time‑based RSUs at change‑in‑control and may accelerate pro‑rata upon involuntary termination within 12 months |
| Potential Equity Acceleration (FY25) | $2,942,533 market value of unvested awards upon involuntary termination after change‑in‑control (assumes $84.41 share price) |
| Clawback | Compensation recovery policy effective Oct 1, 2023 (SEC/Nasdaq Dodd‑Frank compliant) |
| Perquisites | Limited; CEO has additional medical coverage; standard benefits otherwise |
Board Governance
- Director since 2024; not independent (as CEO). All other directors deemed independent under Nasdaq rules and Swiss best practice .
- Committee roles: CEO/director not on Board committees; Compensation, Audit, Nominating & Governance, and Technology & Innovation committees composed solely of independent directors .
- Attendance: Faber attended all meetings held after joining in FY25; Board met 7 times, Compensation 5, Audit 10, Nominating 4, Technology & Innovation 3 .
- Chair independence: Board separates Chair and CEO; independent Chair proposed (Guy Gecht) for 2025–2026 board year .
- Shareholder votes: Advisory say‑on‑pay annually; prior binding votes approved GMT (FY25 maximum) at 83.7%, Board comp maxima at 96.80% and 94.93% .
Director Compensation (as director)
- Board compensation for non‑employee directors is separate; CEO does not receive non‑employee director retainers. Shareholders approved a max aggregate CHF 3.9M for the 2025–2026 Board year (cash, equity, other) .
Performance & Track Record
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| TSR – $100 Investment (Company) ($) | 245 | 175 | 141 | 220 | 209 |
| TSR – $100 Investment (Peer Group) ($) | 167 | 201 | 192 | — | 284 |
| Revenue ($) | 5,179,000,000 | 5,549,000,000 | 4,718,000,000 | 4,274,000,000 | 4,610,000,000 |
| Net Income ($) | 947,257,000 | 644,513,000 | 364,575,000 | 612,143,000 | 631,529,000 |
Qualitative execution markers:
- Emphasis on B2B/video collaboration, margin accretion in VC, and gaming share recovery in China; disciplined cost controls and agility around tariffs and diversified manufacturing footprints .
Compensation Structure Analysis
- Pay mix emphasizes at‑risk, long‑term equity: Since FY2021 CEO annual equity is 100% PSUs; use of time‑based RSUs eliminated in annual LTI for NEOs (except one‑off replacement awards) .
- Annual bonus funded at 190% on strong CC revenue/non‑GAAP OI performance; ESG scorecard held at 100% (carbon labeling rollout success offset by footprint increase) .
- No cash severance, double‑trigger only equity; no gross‑ups on change‑in‑control (shareholder‑friendly) .
- FY23–25 PSU tranche did not vest (negative revenue growth), reinforcing pay‑for‑performance discipline .
Risk Indicators & Red Flags
- Hedging/pledging prohibited by policy; reduces misalignment risk .
- No cash severance or tax gross‑ups; reduces change‑in‑control windfall risk .
- Related‑party and conflicts subject to Audit Committee oversight; board recusal policy in place .
Equity Ownership & Director Stock Guidelines
- CEO guideline: 5× base salary; mandatory holding of 100% of after‑tax shares until guideline reached; five years to comply .
- As of June 30, 2025, executives/directors either met guidelines or had remaining time to do so .
Investment Implications
- Alignment: Heavy PSU weighting, double‑trigger only equity, and clawback policy indicate strong pay‑for‑performance and governance alignment; FY25 bonus at 190% maps to robust operating execution and sets a high bar for future payouts .
- Retention and potential selling pressure: Replacement RSUs vesting Feb 15, 2026 plus ongoing PSU cycles could create scheduled liquidity events; however, mandatory ownership guidelines and holding requirements temper near‑term selling risk .
- Ownership scale: CEO’s reported 8,258 shares beneficially owned as of June 30, 2025 suggests additional accumulation may be needed to meet 5× salary guideline, a potential medium‑term alignment tailwind .
- Governance quality: Independent Chair, independent committees, and absence of severance/gross‑ups reduce governance overhang and parachute risk; no FY23–25 PSU vesting demonstrates rigor in targets .