Logitech CEO steps down after money losing Q1, Revue price slashed to $99
After a disappointing Q4 saw Logitech reduce the price of its Revue it revealed today that after a net loss of $29.6 million for the first quarter it is cutting the price of the Revue to $99, as well as saying goodbye to CEO Gerald P. Quindlen. Quindlen had been an outspoken supporter of the Google TV box but according to Logitech this price cut and corresponding $34 million hit to its finances are necessary to "remove price as a barrier to broad customer acceptance." In the midst of these results -- as well as lowered sales in several regions and key products like Harmony remotes -- Chairman and former CEO Guerrino De Luca will assume the role of acting CEO while a long term replacement is sought.
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