Logitech CEO steps down; Revue/Google TV box price slashed to $99

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."

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Logtiech Revue TV is very nice, and there using there resources from there harmony remotes w/ google tv when it comes to setting up Google TV ability to control other devices. Even more psyched that Andriod 3.2 (Honeycomb) w/ an app market will be coming out as an update this summer. I'm very impressed by it. That being said.... I felt $250 was too high of a price for this to sell in volume. Also lack of google tv marketing hasn't helped at all.

Logitech should be making some money. They're planning to move their Canadian customer service/technical support departments to the Philippines in September as well as their R&D division (I think to China).

No wonder Logitech is doing poorly. They diverged from their core competency to develop a set-top box in a market swamped with them.

KingCrimson said,
No wonder Logitech is doing poorly. They diverged from their core competency to develop a set-top box in a market swamped with them.

swamped with them? *scratches head* not that many choices out there for good ones

Stewart Gilligan Griffin said,

swamped with them? *scratches head* not that many choices out there for good ones

Been to Fry's lately? There must be a 1,000 different STB's for video services.. Right now WD and Roku are leading the way

Stewart Gilligan Griffin said,

swamped with them? *scratches head* not that many choices out there for good ones

I agree there's not a ton of them, but the ones that are out there are really good. Roku... AppleTV... are good devices. Then you have most people who just want Netflix streaming and get that from their consoles. So set top boxes have to compete with consoles too.

Please, whoever becomes the full replacement, don't change your warranty policies! That's why I buy all your products (also, they're really good)!

Unless my eyes are playing games, the section of their site for the Revue went *poof* and isn't there right now. It was there this morning, showing the previous MSRP.

EDIT: Yahoo search for the info page still pulls the page(s) up, just don't see the link on Logitechs front page.