Logitech is getting a new but temporary leader while also announcing disappointing financial results for the last quarter. In a press release, the company best known for its lineup of PC mouse and keyboard products announced it had generated $480 million in revenue for the quarter that ended on June 30. That compares to revenues of $479 million for the same period a year ago. Logitech recorded a net loss of $30 million for the last quarter compared to a profit of $20 million compared to the same time period a year ago.
Most likely because of the poor financial results, Logitech has announced that its CEO Gerald P. Quindlen is departing the company effective immediately. Logitech's current Chairman, Guerrino De Luca, will take over as the company's acting president and CEO. The press release quotes De Luca as saying, "My priorities will be to pursue our many opportunities with a strong sense of urgency and to renew the confidence in Logitech among all stakeholders." Logitech will now search for a permanent president and CEO to take over from De Luca.
In related news, Logitech has slashed the price of one of its high profile products, the Logitech Revue set top box. The device, which adds Google TV support to regular televisions, was previously priced at $249. Today Logitech cut the price of the Revue down to a mere $99. Logitech's press release said, "The action was taken with the goal of accelerating adoption of the Google TV platform by removing price as a barrier to broad consumer acceptance."