Logitech boss Bracken Darrell steps down, effective ASAP
Like PCs, peripherals are on the decline – guaranteeing a tough slog for the next CEO
Swiss hardware maker Logitech announced on Tuesday that its CEO, Bracken Darrell, would step down after over a decade in the role to pursue another gig.
Darrell's resignation as president, CEO, and as a member of Logitech's board of directors was effective as of his resignation, but he will remain with the peripheral maker over the coming month "to ensure a seamless transition," explained the corporate announcement. He joined as president in April 2012 an became CEO in January 2013.
Board member Guy Gecht will serve as interim CEO until a new chief is selected.
Darrell issued a statement on LinkedIn in which he did not disclose his next career move.
He did, however, sum up what he felt were the accomplishments of his tenure: growing the market value tenfold, building a video conferencing business, expanding gaming from a $40 million business to over $1 billion and "transforming" a "tired, declining" desktop business to a $2 billion-plus run rate. He also cited design awards, carbon labelling accomplishments and diversity milestones.
What he didn't mention were multiple acquisitions made during his tenure – like the $177 million for Blue Microphones and $85 million for Astro, which are being merged into the Logitech G brand.
- Aggressive PC discounts might not be here for long, says HP
- Wait, what? Workstation sales set new record in 2022?
- What goes up must come down: Logitech sales tumble amid PC slump
- That old box of tech junk you should probably throw out saves a warehouse
Logitech thrived during the early years of COVID as the world bought PCs to use at home, then decided the Swiss outfit's accessories and peripherals could deliver improved ergonomics and enjoyment during countless hours using the devices.
But just as PC sales declined once the lockdowns ended, so did the market for mice, keyboards, webcams and other related devices.
Logitech reported a 20 percent year-on-year drop in revenue, to $960 million, in its Q4 2023 report [PDF] and predicted a further decline in FY24 revenue of 18 to 22 percent.
With the news of Darrell's departure, Logitech shares dived by more than 12 percent. ®