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(Reuters) – Swiss computer accessories maker Logitech said on Monday that its finance chief, Charles Boynton, will leave the company in May after just over a year with the company.
Logitech stock fell as much as 7% in morning trading on the news.
The maker of computer mice, keyboards and webcams said Boynton is leaving to pursue new career opportunities and that his successor will be announced at a later date.
The news surprised the market and signaled a new leadership change at the Swiss-American company, where CEO Haneke Faber, a former Unilever executive, joined the company just six months ago.
Logitech’s Swiss-listed shares were down 6.7% at last check.
Boynton took over as chief financial officer in February 2023 as the company was struggling with declining sales, but the company recently predicted a return to revenue growth.
“This move is surprising, especially after the recent changes in top management and key personnel,” said Torsten Sauter, an analyst at Keproul Cheuvreu.
“He (Boynton) has industry experience that new CEO Haneke Faber still lacks.”
The Lausanne-based company plans to hold a capital markets day in spring or summer 2024. “Without a CFO, it would be a greater challenge to organize this event and present reliable financial goals, especially in the long term,” Sauter said.
He added, “We believe Chuck was instrumental in stabilizing Logitech during a very difficult period with a series of profit warnings and an interim CEO running the company.”
Logitech announced in January that it was targeting a recovery in sales after reporting a drop in sales last quarter as demand for work and play equipment soared during the pandemic.
(Reporting by Paolo Laudani and Marlene Casebier; Editing by Rachel More, Andrei Shchev and Susan Fenton)
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