Shares of Logitech (NASDAQ:LOGI) are trading over 9% lower in pre-market on Wednesday after the company announced that Bracken Darrell, its President and CEO, will be stepping down immediately.
Darrell, who's been at the helm of Logitech since 2013 said he is "departing the company to pursue another opportunity" effective Tuesday, but "will remain with the company over the coming month to ensure a seamless transition."
Logitech is conducting "a global search of internal and external candidates" and has appointed board member Guy Gecht as interim CEO in the meantime.
The major leadership change comes at a turbulent moment for Logitech: The manufacturer of computer peripherals enjoyed a great boost to its business during the COVID-19 lockdowns but has struggled to maintain the momentum in the post-pandemic world - in early May, the company reported a 22% drop in Q4 revenue, while its shares have lost over 56% from COVID highs.
LOGI is currently trading under $58 in pre-market on Wednesday vs. prior close of $63.90.