Logitech shares have slumped after Bracken Darrell the CEO who has been credited with the transformation of the business suddenly quit.

This morning Logitech shares are down nearly 13% after the CEO announced that he is “departing the Company to pursue another opportunity,”.

Darrell, who became Logitech CEO in 2013, will remain with the company over the coming month to facilitate the transition while a search for a replacement is conducted, the company said late Tuesday.

The leadership change comes after Logitech posted a 22% drop in fourth-quarter sales in May, as a growing economic downturn continued to hinder the company from maintaining pandemic-era growth.

“I feel this is a good point to hand over leadership,” Darrell said, adding he would remain a “customer, shareholder and fan” of the Swiss American tech company.

Recently the accessories Company announced that they were laying off 300 employees as part of a global reorganisation in response to a significant slump in demand for the company’s products.

“I can confirm that, regrettably, a number of employee roles were affected in a recent adjustment of our organization,” said Nicole Kenyon, the head of Logitech’s global corporate communications said at the time.

The company—which makes keyboards, mice, and video conferencing gear—saw revenue decline 22 percent year-over-year to $1.27 billion in the third quarter of its 2023 fiscal year, which ended in December.

In US dollars, gaming sales declined 16 percent, video collaboration sales declined 21 percent, keyboard sales declined 22 percent and pointing devices sales declined 14 percent.

Logitech board member Guy Gecht will be stepping in as interim CEO while the company searches for a new leader.

Gecht has been on the board since 2019. “After nearly a decade of consistent growth and building market leadership across multiple categories, I feel this is a good point to hand over leadership,”

Darrell said in a statement. “I want to thank all the amazing people across Logitech for their work through the years. I will work with Guy and the board to ensure a smooth transition and I will continue to be a customer, shareholder, and enduring fan of Logitech and its products.”