Logitech shares slide on surprise CFO departure

Swiss computer accessories giant Logitech surprised markets on Monday, announcing that chief financial officer Charles Boynton would depart in May, having served in the role for just over a year.

According to Reuters, Boynton's departure was not expected by the market, with Logitech citing his move to pursue a new career opportunity.

The company said Boynton's successor would be named in due course.

Boynton assumed the position of chief financial officer in February last year amid challenges with declining sales.

However, the company recently projected a return to revenue growth, announcing its aim to rebound from previous quarters of falling sales in January, following heightened demand for its work and entertainment peripherals during the pandemic.

Reuters noted that the development was another shift in management at the Swiss-American firm, after it welcomed chief executive officer Hanneke Faber from Unilever just six months ago.

At 1248 CET (1148 GMT), shares in Logitech International were down 6.72% in Zurich at CHF 78.58.

Reporting by Josh White for Sharecast.com.