Logitech Realigns Organization with Strategic Priorities
Logitech International today announced an organizational alignment to the strategic priorities outlined by newly appointed CEO Bracken P. Darrell last month. These priorities include increasing focus on mobility products, improving profitability in PC-related products and enhancing global operational efficiencies. This alignment to the strategic priorities creates incremental cost savings of approximately $16 to $18 million in operating expenses in Fiscal Year 2014, a result of a workforce reduction. This is in addition to the previously announced $80 million savings in annual operating costs (operating expenses plus costs of goods sold) for Fiscal Year 2014 related to the Company's April 2012 restructuring.
"As we align the organization with our strategy to become a faster, more profitable company, we have also created opportunities to become more focused, improve operational effectiveness and even deliver additional cost savings that will contribute to improved profitability," said Bracken P. Darrell, Logitech president and chief executive officer. "These actions support our goals to develop outstanding mobility- and PC-related products, streamline our cost structure and achieve faster times to market."