Logitech CFO to step down in May, shares fall

By Thomson Reuters Mar 18, 2024 | 4:03 AM

(Reuters) – Logitech said on Monday its chief financial officer Charles Boynton will leave the company in May.

The Swiss company said Boyton is leaving for a new career opportunity and that his successor would be announced later.

Boynton has been in the position for 1.5 years, while Logitech’s new CEO Hanneke Faber joined the company only six months ago.

Its shares fell around 6% on the news at the market open.

“The announcement may weigh on the shares as the departure coincides with the planned update on the long-term financial model,” – Vontobel analysts said.

The computer accessories maker in January said it is targeting a return to revenue growth after reporting declining sales in previous quarters following the booming demand for its products during the pandemic.

(Reporting by Paolo Laudani and Marleen Kaesebier, Editing by Rachel More and Andrey Sychev)