Sonos Inc (NASDAQ: SONO) said on Monday that its current Chief Executive Officer, Patrick Spence, would step down as CEO and as a member of the Board of Directors, effective immediately.
Meanwhile, Tom Conrad, an independent member of the Board since 2017, has been appointed as Interim CEO with immediate effect.
The Board has commenced a search for its next Chief Executive Officer by employing the services of a leading executive search firm.
“During his tenure, Patrick built on our pioneering success in wireless home audio and led the Company’s expansion into premium audio for home theater, portables, and headphones. We appreciate Patrick’s dedication to Sonos,” Julius Genachowski, Chairman of the Board of Directors, said in a press release.
“Tom’s mandate is to improve the Sonos core experience for our customers, while optimizing our business to drive innovation and financial performance. With his deep product expertise and long-term relationship with Sonos, Tom is uniquely suited to guide the company forward during the transition and the Board looks forward to partnering with him closely.”
Stock Performance
The shares of Sonos Inc (SONO) closed 0.83% ($0.12) lower at $14.40 on Nasdaq on Monday, as they extended the losses from the prior four market sessions.
The company’s total market cap now stands at $1.753 billion.
The shares of Sonos Inc (SONO) went down 12.25% in 2024, compared with a 28.64% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have lost 4.25% of their value so far this year.
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