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Key Takeaways
- Logitech International shares fell Monday after the company said finance chief Charles Boynton will be stepping down “to pursue another career opportunity.”
- Boynton, who has been in the role for just over a year, will remain with Logitech as CFO through mid-May “to ensure a seamless transition for the end of the 2024 fiscal year.”
- Boynton’s departure took investors by surprise, coming less than six months after the company appointed a new chief executive, Hanneke Faber.
Logitech International ( LOGI ) shares fell 7% Monday after the Swiss computer accessories maker said its chief financial officer (CFO ), Charles Boynton, will be stepping down after just over a year in the role.
The company said Boyton is leaving “to pursue another career opportunity.” He will remain with Logitech as CFO through mid-May “to ensure a seamless transition for the end of the 2024 fiscal year,” the Swiss company said, adding it would name Boynton’s successor at a later date. Boynton has been in the role only since Feb. 2023.
Boynton’s departure took investors by surprise, coming just under six months after the company appointed a new CEO, Hanneke Faber, who was previously president of consumer goods giant Unilever ( UL ).
The departure also comes after Logitech in January said sales for its fiscal third quarter ending Dec. 31 were $1.26 billion, down 3% in constant currency terms, compared with the prior year.
Logitech shares were 7.7% lower at $87.39 at 11:10 a.m. ET on Monday but have gained about 64% over the past year.