06:22 AM EDT, 03/18/2024 (MT Newswires) -- Logitech International's ( LOGI ) shares declined early Monday as the computer products manufacturer announced the departure of its chief financial officer.

Charles Boynton, who joined the company as CFO in February 2023, is leaving the role to pursue another career opportunity, Logitech ( LOGI ) said. Boynton will remain in his position through the middle of May to ensure a smooth transition for the end of fiscal 2024.

The company plans to name a successor later. Logitech's ( LOGI ) US-listed shares retreated 4.8% in premarket trading.

"We thank Chuck for his financial leadership during his time at Logitech ( LOGI )," Chief Executive Hanneke Faber said in a statement. "We look forward to carrying forward Logitech's ( LOGI ) strong track record of growth, financial rigor and operational excellence instilled across the organization."

Logitech ( LOGI ) also reiterated the full-year outlook it previously issued in January. At the time, Switzerland-based group said it expects sales to come in between $4.2 billion and $4.25 billion, reflecting an annual decrease of 6% to 7%. The current consensus among analysts on Capital IQ is for revenue of $4.23 billion.

"If you look at our last four quarters as well as the midpoint of our fiscal 2024 outlook, you will see the declines in our net sales have moderated," Boynton said during a third-quarter earnings call on Jan. 23, according to a Capital IQ transcript. Looking ahead, the company may face a "number of headwinds and uncertainties" that may impact on its sales throughout fiscal 2025, Boynton said at the time.

Adjusted operating income guidance is set to be in a range of $610 million to $660 million for the fiscal year. Logitech's ( LOGI ) sales ticked down 1% to $1.26 billion for the fiscal third quarter ended Dec. 31, while adjusted earnings jumped 34% to $1.53 a share. Both revenue and EPS topped market estimates.

Price: 90.14, Change: -4.58, Percent Change: -4.84