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Passée À Deux Doigts De LA Faillite, L'entreprise

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Passée À Deux Doigts De LA Faillite, L'entreprise DOSSIER COMMENT LOGITECH REDECOVIENTOL PASSÉe À DeUX DoIGtS De LA FAILLIte, L’eNtrePrISe HIGH-tecH AMÉrIcANo-SUISSe eSt eN PLeINe reNAISSANce. NoN SeULe- MeNt eLLe retroUVe LeS cHIFFreS NoIrS, MAIS SoN NoUVeAU ceo, BrAcKeN DArreLL, LUI reDeSSINe UN FUtUr. crÉDIBLe? Notre eNQUÊte De L’ePFL À LA SILIcoN VALLeY. FABrIce DeLAYe 36 BILAN 30 octoBre 2013 www.bilan.ch bilan 37 DOSSIER HIGH-tecH du conseil d’administration tandis que CAS D’ÉCOLE: son fondateur Daniel Borel, «Bobo», se contentera désormais du rôle en retrait de simple administrateur. Ils confient la direction opérationnelle LA RÉSURRECTION de la boîte à Gerald Quindlen. Daniel Borel a bien un petit doute parce que ce mana- ger vient de Kodak, une entreprise qui a PAR LE DESIGN raté le virage numérique. Mais en même temps, il al’expérience desgrandesorgani- sations. Et c’est bien l’avenir que voit alors le conseil d’administration pour Logitech: une entreprise qui doit passer de deux à cinq milliards de chiffre d’affaires. Rien ne ’ ’ ’ survie. Son bureau est désormais autour d’une se dérouleracomme prévu. Et enquatre ans L’ histoire d’une entreprise grande table partagée par l’ensemble du l’action perdra 80% de sa valeur. qui évolue dans un cimetière C-Level, le niveau des directeurs. Installé D’abord avec la crise qui commence à de marques. Passé les tours dans un large couloir où n’importe qui peut fi n 2008, les distributeurs se protègent. Cd’Oracle, qui gardent l’entrée venir le voir, le CEO explique comment il Typiquement alors que ceux-ci achètent dans la Silicon Valley depuis San Francisco, entend redonner à Logitech l’esprit d’une entre douze et treize semaines d’inven- on ne compteplus lessièges sociaux quiont start-up rapide et conquérante. Alors que taire d’avance, ils les diminuent du jour au disparu. Compaq, Motorola, BlackBerry, l’équipe précédente était concentrée sur lendemain à six semaines. «C’est comme Netscape ou Sun Microsystems… En atten- la construction d’une multinationale, le un train qui s’arrête, explique Daniel Borel. dant, peut-être, demain Dell,HP ou Yahoo! contraste est évidemment saisissant. La Tout à coup vos commandes tombent Et Logitech? question reste de savoir si redevenir une à zéro.» Face à cette situation, Gerald Au siège de Newark, sur la rive est de la start-up avec des produits cool suffi t pour Quindlen prend le parti de mettre l’entre- baie, l’entreprise affiche à la fois les signes relancer une boîte de 2 milliards de dol- prise aux abris. Dès janvier 2009, il an- de la crise presque fatale qu’elle vient de lars de chiffre d’affaires qui vient de voir le nonce une première restructuration avec traverser mais aussi ceux de sa renais- spectre de la faillite. une coupe de 650 places de travail. sance. Ici, comme à Morges en Suisse, un Logitech revient de loin, en effet. Les Malheureusement, la crise fi nancière immeuble entier a été abandonné. Trois résultats du trimestre clos en juin et de ce- aveugle la direction de Logitech sur la vé- restructurations en quatre ans et plus lui achevé en septembre ont mis fi n à une ritable nature desproblèmes. Ils ne sont pas d’un millier de places de travail suppri- série de pertes depuis 2008. Bien sûr, deux seulement conjoncturels mais structurels. mées ne vont pas sans stigmates. Pourtant, trimestres positifs ne font pas encore le Beaucoup plus graves, donc. Cette erreur comme on l’a constaté une semaine plus printemps d’une boîte. Mais comme nous fondamentale d’analyse va en entraîner tôt au Daniel Borel Innovation Center de l’a expliqué à Lausanne le fondateur de bien d’autres.A commencer par le fait qu’il l’EPFL, qui concentre désormais toute l’entreprise, Daniel Borel, avec ce mélange faudra deux restructurations supplémen- l’activité helvétique du groupe,les derniers unique d’analyses business et d’émotions taires (soit au total une réduction de 25% produits exposés, le packaging renouvelé, qui est sa marque de fabrique: «Nous sor- des 7200 places de travail à fi n 2007) avec l’ambiance même annoncentune nouvelle tons d’un cauchemar.» ce que cela suppose de démobilisation des Logitech. employés et de déceptions du côté d’un Plus épurés, plus colorés, plus design en Le cauchemar de «Bobo» actionnariat encore largement fragmenté résumé, les speakers sans fi l UE Boom ou Pour comprendre ce qui se passe au- (plus de 50% de particuliers suisses) qui les élégants claviers folios pour tablettes jourd’hui chez Logitech, il faut d’abord vont voir ce management régulièrement aux couleurs vives expriment l’entreprise se replonger dans cette crise et dénouer se dédire. qu’est en train de devenir Logitech. Le bu- l’écheveau qui la confond avec celle dé- Rétrospectivement, tant Daniel Borel reau de son nouveau CEO, Bracken Darrell, clenchéeparla faillitede Lehman Brothers. que Guerrino De Luca considèrent au- aussi. 2008 est une année clé pour Logitech. Ses jourd’hui que trois erreurs monumentales Il y a quelques semaines, cet Américain ventes de souris passent le cap symbo- vont se produiredans cette période.La pre- âgé de 50 ans, passé par General Electric, lique du milliard vendues. En début d’an- mière sur laquelle insiste particulièrement Procter & Gamble et Whirlpool, a décidé de née, Guerrino De Luca, son CEO à suc- le fondateur de l’entreprise est que la re- sortir définitivement de son cube de verre. cès depuis dix ans, prend la présidence structuration menée par Gerald Quindlen 38 BILAN 30 octoBre 2013 a conduit subrepticement à un recentrage sur les Etats-Unis. «C’est très subtil, mais dansunestructurequimetenplacelespro- cessus de contrôled’une grande entreprise, progressivement, le pouvoir se concentre pour fi nir par se couper de la réalité du terrain. On s’enferme dans des bureaux de verre avec ses projections de vente posi- tives. Et on accepte des résultats même mitigéspuisqu’ilyal’explication de la crise. On devient out of touch.» Lors de l’été 2009, cet aveuglement va conduire à une acquisition qui aurait pu être fatale à Logitech si l’entreprise n’avait Guerrino De Luca et Bracken Darrell, le président du conseil et le CEO, fonctionnent en tandem. pas eu la prudence depuis ses origines de constituer un bas de laine.A la fi n juin, la probablement la même erreur tant cette management est obsédé par des contrôles perte opérationnelle trimestrielle atteint technologiequitransformeuneTV enpoint quiontfait exploser vosfraisopérationnels, 32,9 millions de dollars contre un bénéfice d’accès à tous les contenus internet était se remémore Daniel Borel. Enfin, vous êtes de 29,7 millions un an auparavant. Gerald séduisante. «On pensait créer une plate- out of product, avec un management qui Quindlen annonce un retour aux chiffres forme pour la maison qui serait enrichie n’a jamais autant parlé d’innovations tout noirs pour le trimestre suivant. Il ne se pro- par tous nos accessoires venus du PC. Tout en réalisant si peu. L’ horreur.» duirapas. Mais surtout àla tête de ce groupe le monde trouvait ça génial.» On peut gloser naturellement à l’infi- sans detteset dotéde 567,4millions de dol- Comme souvent avec les bonnes ni sur les raisons pour lesquelles Logitech lars en cash, il poursuit le rêve de la grande idées, le problème viendra de l’exécu- n’a pas vu ce qui allait arriver. Ni Daniel entreprise Logitech. tion. Normalement le projet aurait dû voir Borel ni Guerrino De Luca ne s’exonèrent Alors que son prédécesseur Guerrino De Google apporter le contenu, Logitech, les de leurs responsabilités. Deux remarques Luca s’était contenté de petites acquisi- périphériques, et un troisième partenaire qu’ils font sont cependant fondamentales tions stratégiques, il annonce en novembre créer la box, le petit ordinateur connecté pour comprendrenon seulementpourquoi 2009 le rachat de LifeSize, une entreprise à la fois au web et à l’écran. Faute de troi- l’entreprise est sortie de la piste et, surtout, qui vient de prendre 10% du marché de la sième partenaire, ce sont les ingénieurs pourquoi elle en a tiré les leçons et revient vidéoconférence haute définition grâce à de Logitech qui se chargent de dévelop- plus forte aujourd’hui, tant tout ce qui ne une technologie qui en divise les prix par per cette box et l’entreprise de la produire. tue pas rend plus fort. cinq. Payée 405 millions de dollars, soit 4,5 Certain du succès, Logitech investit dans Tout d’abord, comme l’explique Daniel fois ses ventes surdouzemois, LifeSize sera une ruineuse campagne publicitaireet sur- Borel, «le succès est une drogue qui vous fi nalement réévaluée pour la moitié de sa tout constitue un stock de 50 millions de endort». Or, de 1998 à 2008, le succès valeur trois ans plus tard. box qui apparaîtront vite trop chers, qui de Logitech est proprement renversant. Et il y a pire. Dès le milieu des années plus est sur un marché qui n’a pas été testé. Devant un café sur la terrasse de l’Hôtel 2000, Guerrino De Luca a l’intuition que le Costes à Paris, le héros de cette épopée, savoir-faire de Logitech peut s’appliquer à La tempête parfaite Guerrino De Luca, la résume à un chiffre: un autre écran qui équipe les consomma- Au mois de mars 2011, tous ces éléments se 40 trimestres consécutifs de croissance du teurs. Il ne croit alors pas au mobile, trop rassemblent pour former ce que Guerrino chiffre d’affaires et des bénéfices. CEO de petit, mais à la télévision, point d’entrée de De Luca appelle la tempête parfaite.
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