(Reuters) – Logitech fell sharply on the stock market on Monday morning after the computer equipment manufacturer announced the departure in May of its financial director, Charles Boynton.
On the Zurich Stock Exchange, around 09:10 GMT, Logitech shares fell 7.31% to 78.08 Swiss francs, the biggest drop in the index (-0.59%) and the pan-European Stoxx 600 (+0.07 %).
For Vontobel bank analysts, Logitech’s announcement was unexpected and Charles Boynton’s departure falls on the planned date of the update of the Swiss group’s long-term strategy.
Logitech clarified that Charles Boynton was leaving the group for a new career opportunity and that the name of his successor would be communicated at a later date.
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Charles Boynton has been CFO at Logitech for a year and a half, while the group’s new director, Hanneke Faber, has only been in place for six months.
Logitech announced in January that it was aiming for a “gradual” return to sales growth after reporting a decline in previous quarters.
(Writing by Claude Chendjou, with contributions from Amir Orusov, editing by Kate Entringer)
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