Marjorie Lao
About Marjorie Lao
Independent non‑executive director of Logitech International S.A. since 2018; age 51. Former CFO of LEGO Group with prior senior finance and strategy roles at Tandberg (acquired by Cisco), Cisco, Seadrill, McKinsey, and Procter & Gamble; BSc in Business Administration & Accountancy (University of the Philippines), MBA (Harvard), CPA (Philippines). Currently serves on Logitech’s Audit Committee and Technology & Innovation Committee and is designated by the Board as an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LEGO Group | Chief Financial Officer | Feb 2017 – Mar 2020 | Led global finance for private, family‑owned leader in play materials |
| LEGO Group | SVP, Finance | Jan 2014 – Jan 2017 | Senior finance leadership |
| Seadrill | VP, Projects | Feb 2013 – Dec 2013 | Projects/finance in deepwater drilling |
| Tandberg ASA | CFO & SVP, Finance | Nov 2006 – Apr 2010 | Public company CFO prior to Cisco acquisition |
| Tandberg ASA | VP, Business Development & M&A | Jan 2006 – Oct 2006 | Corporate development/M&A |
| Cisco Systems (post‑Tandberg acquisition) | Sr Director, Finance; Sr Director, Strategy & Business Analytics | Apr 2010 – Feb 2012 | Post‑merger integration/finance & strategy |
| McKinsey & Company | Associate; Engagement Manager | 2002 – 2005 | Strategy consulting |
| Procter & Gamble | Finance Manager; Internal Controls Manager | 1996 – 2000 | Finance and controls |
External Roles
| Organization | Role | Public/Private | Committee/Function |
|---|---|---|---|
| MYT Netherlands Parent B.V. (Mytheresa) | Vice‑Chairperson | Public | Chair, Audit Committee |
| PT GoTo Gojek Tokopedia Tbk | Director | Public | Board member |
| Sitecore Holding II A/S | Director | Private | Board member |
| Monde Nissin (UK) Limited | Director | Private | Board member |
Board Governance
- Independence: The Board determined Lao is independent under Nasdaq rules and the Swiss Code of Best Practice.
- Logitech committees: Member, Audit Committee; Member, Technology & Innovation Committee; not a committee chair at Logitech.
- Financial expertise: Designated “audit committee financial expert” by the Board.
- Attendance FY2025: Lao attended all of the meetings of the Board (7/7), Audit Committee (10/10), and Technology & Innovation Committee (3/3); all incumbent directors attended at least 75% of meetings and the 2024 AGM.
- Board structure: Independent Chair; no Lead Independent Director; regular independent director executive sessions (held at four separate meetings in FY2025); annual board and committee self‑assessments.
Attendance Detail (FY2025)
| Body | Meetings Held | Attended by Lao |
|---|---|---|
| Board of Directors | 7 | 7 |
| Audit Committee | 10 | 10 |
| Technology & Innovation Committee | 3 | 3 |
Fixed Compensation (Non‑Employee Director Pay)
- Program structure (FY2025): Annual cash retainer CHF 60,000; additional retainers include CHF 20,000 for non‑chair Audit Committee members and CHF 6,500 for non‑chair Technology & Innovation members; annual service‑based RSU grant of CHF 200,000; amounts converted using average CHF→USD 1.1786.
- Lao’s FY2025 amounts (USD): Fees earned in cash $101,951; Stock awards $232,082; Total $334,033.
| Component | Amount (USD) |
|---|---|
| Fees earned in cash | $101,951 |
| Stock awards (annual RSU) | $232,082 |
| Total | $334,033 |
- RSU grant terms to directors: Annual RSU grants vest on the one‑year anniversary (or earlier at the next AGM if not re‑elected).
Performance Compensation
- Not applicable to non‑employee directors: Logitech does not tie director compensation to performance metrics; equity is service‑based RSUs (no performance conditions).
Other Directorships & Interlocks
- Current public company boards: MYT Netherlands Parent B.V. (Vice‑Chairperson); PT GoTo Gojek Tokopedia Tbk (Director).
- Logitech Compensation Committee interlocks: Company discloses no compensation committee interlocks; none of the Compensation Committee members has been an officer/employee of Logitech.
Expertise & Qualifications
- Credentials: Former CFO of LEGO; prior CFO of Tandberg; senior finance and strategy roles at Cisco; broad international operating and M&A experience across Europe, U.S., and Asia.
- Education and certifications: BSc Business Administration & Accountancy (University of the Philippines); MBA (Harvard Business School); CPA (Philippines).
- Board skills mapping: Board skills profile flags Lao for CEO/CFO experience, international business, B2C, B2B, technology, M&A, sustainability, and governance focus.
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (6/30/2025) | 14,658 shares; less than 1% of shares outstanding. |
| Unvested director RSUs (as of 3/31/2025) | 2,736 units (grant date 9/4/2024); market value $230,946 at $84.41. |
| Shares that may be acquired within 60 days | None disclosed for Lao. |
| Director ownership guideline | Non‑employee directors required to hold 5× annual cash retainer; as of 6/30/2025, each had satisfied or had time remaining to comply. |
| Hedging/pledging | Company policy prohibits hedging and pledging of Logitech securities by directors. |
Governance Assessment
- Strengths
- Independent director with CFO background and designated audit committee financial expert; enhances financial reporting oversight.
- 100% attendance across Board and committee meetings in FY2025, signaling strong engagement.
- Service on Audit Committee aligns with expertise; contributes to cybersecurity, internal control, and non‑financial reporting oversight per committee remit.
- Director pay structure aligns with shareholders via annual equity grants and share ownership guidelines; hedging/pledging prohibited.
- No related‑party transactions or loans disclosed involving directors during the period; none indebted to Logitech; policies require Audit Committee/Board oversight of conflicts.
- Watch items
- Multiple external mandates (public and private); company affirms compliance with external mandate limits under Articles; monitor time commitments and potential information flow across roles.
- Company‑wide advisory “say‑on‑pay” support in 2024 was 79.90% (still passed), with ongoing shareholder engagement; not specific to Lao but part of broader governance context.
No red flags disclosed regarding related‑party transactions, pledging/hedging, option repricing, or committee interlocks during the period.
Appendix: Logitech Committee Assignments (current)
| Committee | Lao’s Role |
|---|---|
| Audit Committee | Member |
| Technology & Innovation Committee | Member |