It's 'Do or Die' Time for Logitech: CEO

With the PC industry in decline, computer peripheral maker Logitech faces a "do or die" situation, new CEO Bracken Darrell told CNBC's "Power Lunch" on Thursday.

"The real issue for us is we have to move that technological advantage from being just about PC peripherals to PC peripherals and mobile peripherals, like tablets," said Darrell, who became CEO last month.

Logitech also plans to shed some of its smaller businesses like remote controls and its security business as it looks to focus on the "growth of the overall computing space." (Read More: Dell Reaches Deal to Be Taken Private by Founder, Silver Lake)

There is also an opportunity for the company in the video conferencing space, which Darrell called a "fantastic business."

As it refocuses its business to adjust to the changing technological landscape, the CEO said Logitech will be "a smaller more profitable company short term, and long term, a smaller more profitable company that is growing."