Sonos CEO Patrick Spence has stepped down from position and Interim CEO has been announced
SANTA BARBARA, Calif. – On Monday, Santa Barbara-based Sonos Inc. announced that the audio equipment company's Chief Executive Officer Patrick Spence will step down from the position.
The Sonos Board of Directors simultaneously announced the selection of independent board member Tom Conrad as the Interim CEO for the company.
Conrad has served on the Sonos Board of Directors since 2017 and is a former CEO of Zero Longevity Science Inc. (formerly known as Big Sky Health), maker of the health app Zero, a former CEO of streaming service Quibi, and former Chief Technology Officer and Executive Vice President of Product for music streaming service Pandora Media Inc shared Sonos Inc. in a press release about the decision.
"During his tenure, Patrick [Spence] 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," said Julius Genachowski, Chair of the Sonos Board of Directors about the departure Monday. "Tom [Conrad]’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."
According to an 8K filing from the company with the U.S. Securities and Exchange Commission, Sonos has entered a Transition Agreement with Spence who will remain employed at the company until June 30, 2025.
"I am deeply honored to step into this role at such an important moment for Sonos," said Interim CEO of Sonos Inc. Tom Conrad. "Nearly two decades ago, when I led the earliest initiative to integrate Pandora and Sonos, I got my first glimpse of the magic that Sonos could bring to millions of lives every day. I am excited to work with our team to restore the reliability and user experience that have defined Sonos, while bringing innovative new products to market. Together, we will focus on delivering extraordinary experiences for our customers and strong results for our shareholders."
