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Sonos CEO Patrick Spence Steps Down, Tom Conrad Named Interim CEO; Spence Receives $1.9 Million Severance

Jan 13, 2025, 03:04 PM

Sonos Inc. CEO Patrick Spence is stepping down after eight years in the role, following a botched app revamp that led to widespread customer dissatisfaction and hindered company growth. The problematic app update, launched in May 2024, caused numerous issues including missing features, connectivity problems, and general slowdowns, prompting a significant customer backlash. The company estimated the cost to fix the app at between $20 million and $30 million. As a result of the app's failure, Sonos experienced a 16% drop in sales in the last quarter of 2024 and laid off about 100 employees. Tom Conrad, a board member since 2017 and former executive at Snap Inc. and Pandora, has been appointed as interim CEO. Sonos has engaged an executive search firm to find a permanent replacement. Spence's departure is accompanied by a severance package of $1.9 million and he will serve as a strategic advisor until June 30, 2025. Since the app update, Sonos's stock has declined by 13%.