Why Logitech Shares Are Falling Wednesday Morning

Logitech International SA (NASDAQ: LOGI) disclosed the departure of its president and chief executive officer (CEO), Bracken Darrell, effective June 13, 2023.

Darrell will remain with the company over the coming month to provide a seamless transition.

The company named Guy Gecht as its interim CEO, presently serving as a non-executive board member since September 2019. 

Gecht is also the former founder and co-CEO of E.Merge Technology Acquisition Corp and has previously served as the CEO of Electronics for Imaging, Inc. (EFI). 

"As an experienced CEO, and member of Logitech's board since 2019, Guy has a deep understanding of Logitech and its strategy, and is well-placed as interim CEO to oversee the continued execution of the company's strategy," said Wendy Becker, Logitech's chairperson of the board. 

Last month, the company reported Q4 FY23 revenue of $960.1 million, beating the consensus of $941.9 million and adjusted EPS of $0.50, exceeding the consensus of $0.41. 

Related: Analyst Believes Logitech Has Potential Despite Weak H1 2024 Guidance: Issues Upgrade, New Price Target

The company had a cash balance of $1.15 billion at the end of FY23.

Also Read: Repair? Logitech Joins Hand With iFixit To Reduce e-Waste & Extend Life Of Devices

Price Action: LOGI shares are trading lower by 9.47% at $57.85 premarket on the last check Wednesday.