Logitech boss Gerald Quindlen has fallen on his sword following $30 million loss off the back of disastrous sales in Europe.
The peripheral specialist reported that EMEA sales had fallen 14 per cent while US sales climbed just 1 per cent, sending the firm’s shares into a 10-year low.
Quindlen also presided over the Google-TV powered Logitech Revue which has so far met with a disastrous reception in the North American market leading the firm to cut the price from $249 to $99 to clear inventory.
Chairman Guerrino De Luca is to take over top job while a replacement is found. De Luca stood by the firm’s relationship with Google but said the weak demand for the Revenue was "partly due to the fact that Google TV has not yet fully delivered to its own promises."
Such was consumer dissatisfaction with the Revue that the firm reported that more customers had returned Revues than had bought them over the last financial quarter.
"In hindsight, there are number of things we should have done differently," De Luca said.