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Logitech CEO steps down due to poor sales figures

Posted on Monday, August 01 2011 @ 16:04:03 CEST by

Bright Side of News reports Logitech CEO Gerald Quindlen resigns amid disappointing financial figures. The peripheral maker announced an operating loss of $45 million in its fiscal Q1 2012, $34 million of which came from a charge related to a planned price reduction on Logitech Revue (Google TV).
Logitech, the world known maker of computer and gaming peripherals has announced that their CEO, Gerald Quindlen, would be stepping down from his position and abdicating it to the former CEO Guerrino De Luca. This is amid Wednesday's poor earnings showing, which was released at the same time as the CEO announcement. Logitech reported Revenues of $480M in 1Q FY 2012 , up from $479M in the previous quarter, but down 4% from the same period a year ago. Furthermore, Logitech posted a $45M operating loss, $34M of which came from a charge to cost of goods sold to a planned price reduction on Logitech Revue (Google TV).



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