Logitech 2015 Annual Report Download - page 81

Compensation Report for Fiscal Year 2015
71 | – Proxy Statement
2015 Annual General Meeting Invitation, Proxy Statement
account his or her position, qualifications, experience,
prior salary level, competitive and market considerations,
and the base salaries of our other executive officers.
Thereafter, the Compensation Committee reviews the
base salaries of our executive officers annually and
makes adjustments to base salaries as it determines to
be necessary or appropriate.
In fiscal year 2015, the Compensation Committee
reviewed the base salaries of our executive officers,
taking into consideration a competitive market analysis
performed by the then current compensation consultant,
the scope of each executive officer’s role, and the
recommendations of our CEO (except with respect to his
own base salary and the base salary of our Executive
Chairman), as well as the other factors described above.
Following this review, the Compensation Committee
set the base salaries of our executive officers at levels
that it believed were appropriate to maintain their
competitiveness. In review of Mr. Darrell’s compensation,
the Compensation Committee decided to provide a base
salary increase to Mr. Darrell to bring his target cash
compensation in line with the CEOs in our compensation
peer group. The base salaries of our executive officers
for fiscal year 2015 were as follows:
Named Executive Officer
Fiscal Year 2015
Base Salary
Fiscal Year 2014
Base Salary
Percentage
Adjustment
Guerrino De Luca $500,000 $500,000 0%
Bracken Darrell $825,000 $750,000 10%
Vincent Pilette $500,000 $500,000 0%
Marcel Stolk CHF 523,510 CHF 513,000 2%
L. Joseph Sullivan $427,500 $415,000 3%
The base salaries of our executive officers during
fiscal year 2015 are set forth in the “2015 Summary
Compensation Table” below.
Annual Cash Bonuses
We use annual bonuses to motivate our executive officers to
achieve our short-term financial and operational objectives
while making progress towards our longer-term growth and
other goals. Consistent with our executive compensation
philosophy, these annual bonuses are intended to help us
to deliver a competitive total compensation opportunity to
our executive officers. Annual cash bonuses are entirely
performance-based, are not guaranteed, and may vary
materially from year-to-year.
Typically, the Compensation Committee establishes cash
bonus opportunities pursuant to a formal cash bonus
plan that measures and rewards our executive officers
for our actual corporate and their individual performance
over our fiscal year. The cash bonus plan is designed to
pay above-target bonuses when we exceed our annual
corporate objectives and below-target bonuses or no
bonus when we do not achieve these objectives.
In fiscal year 2015, the Compensation Committee
determined cash bonus opportunities for our executive
officers pursuant to the cash bonus plan for fiscal year
2015 under the Logitech Management Performance
Bonus Plan (the “Bonus Plan”). Under the Bonus Plan,
the Compensation Committee had the authority to select
the performance measures and related target levels
applicable to the annual cash bonus opportunities for our
executive officers.