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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.