Mon, Mar 18th 2024
Logitech faces another executive change as CFO Charles ‘Chuck’ Boynton exits for new opportunities, leaving the tech firm in search of his successor amidst stable financial forecasts.
The computer accessories manufacturer Logitech has to look for a new CFO again. CFO Charles ‘Chuck’ Boynton will be leaving the company after just over a year.
Boynton wants to take on another professional challenge, according to a statement on Monday. He will remain in office until mid-May to ensure a “smooth transition” until the end of the current 2023/24 financial year. Logitech’s financial year ends on March 31.
The company emphasised in the press release that Boynton’s departure will not change the financial outlook. According to information from January, Logitech expects sales of 4.2 to 4.25 billion US dollars, which corresponds to a year-on-year decline of 6 to 7 percent. The operating profit (non-GAAP EBIT) is also expected to be between 610 and 660 million, which would be an increase of 4 to 12 percent.
Boynton took over as Head of Finance at Logitech just over a year ago, replacing Nate Olmstead. It is not yet known who will succeed Boynton.
The quick departure could have something to do with the new CEO. Hanneke Faber from the Netherlands has been at the helm of the company since the beginning of December 2023. At the time, she moved from the food group Unilever to the computer accessories manufacturer in western Switzerland.
Faber in turn replaced Bracken Darrell, who had led the company successfully for a long time and resigned unexpectedly and with immediate effect last June. The media subsequently reported that the company had not been happy with Darrell’s performance behind the scenes for some time and had therefore started looking for a successor. However, the CEO got wind of this and started looking for a new position. Today he is head of the clothing company VF Corporation.
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