Logitech International S.A. LOGI shares face a challenging start premarket on Monday following the unsettling news of chief financial officer (CFO) Charles ‘Chuck’ Boynton’s departure in May.
Boynton is set to embark on a new career journey and will remain in his role as CFO until mid-May.
Logitech is yet to announce Boynton’s successor, leaving investors on edge.
Hanneke Faber, the chief executive officer, expressed gratitude towards Chuck for his financial stewardship during his tenure at Logitech. The company aims to sustain its growth trajectory, financial discipline, and operational prowess moving forward.
Despite recent developments, Logitech reaffirmed its FY24 sales outlook of $4.20 billion – $4.25 billion, compared to the consensus estimate of $4.252 billion, and adjusted operating income forecast of $610 million – $660 million.
While the company noted an improvement in the net sales decline rate, Logitech cautioned stakeholders that various challenges and uncertainties might impact net sales performance in FY25.
Price Movement: LOGI shares are down by 5.69% to $89.33 premarket as of the latest update on Monday.
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