Logitech is looking for a new CEO after the company ended the first quarter of its 2012 fiscal year with a net loss of $29.6 million. In the interim Guerrino De Luca, who was Logitech’s chief executive from 1998 to 2008, has taken charge of the embattled peripherals manufacturer.
Logitech claims that the decision to reduce the price of the Logitech Revue from $249 to $99 was a big reason why the company posted a loss. The price slashing was supposed to boost the adoption of the Google TV platform.
De Luca quickly announced that “our plan is to improve the performance with an increasing sense of urgency,” promising that things would be “better in the second and third quarter, and much better in the fourth quarter,”
Logitech plans to improve its offerings of set top boxes, remote controls, and tablet accessories in order to overcome this sales slump.