Xorte logo

News Markets Groups

USA | Europe | Asia | World| Stocks | Commodities



Add a new RSS channel

 
 


Keywords

2025-01-13 17:07:04| Engadget

Sonos CEO Patrick Spence is stepping down from the company after eight years on the job, according to reporting by Bloomberg. This follows last years disastrous app launch, in which a redesign was missing core features and was broken in nearly every major way. The company has tasked Tom Conrad to steer the ship as interim CEO. Conrad is a current member of the Sonos board, but was a co-founder of Pandora, VP at Snap and product chief at, wait for it, the short-lived video streaming platform Quibi. He also reportedly has a Sonos tattoo. The board has hired a firm to find a new long-term leader. I think well all agree that this year weve let far too many people down, Conrad wrote employees in a letter. Getting back to basics is necessary, but clearly not enough to unlock the future we all envision for Sonos. He also suggested that he wants the company to expand well beyond home speakers and related gear. As for Spence, hell be just fine. His payout package includes $7,500 per month until June, a cash severance of $1.9 million and his unvested shares in Sonos will vest. He was with Sonos for more than a decade. The decision to swap leadership comes after months of turmoil at the company. It rolled out a mobile app back in May that was absolutely rife with bugs and missing key features like alarms and sleep timers. Some customers even complained that entire speaker systems would no longer work after updating to the new app. It was a whole thing. Sonos tried to win back customer trust by extending the manufacturer warranty for home speaker products and creating an advisory board that would provide the company with "feedback and insights from a customer perspective to help shape and improve our software and products before they are launched. That didnt ease the financial burden faced by the company. The stock price has fallen by around 13 percent since the app launched. Sonos laid off over 100 people in August as it tried to fix the software and revenue fell 16 percent in the fiscal fourth quarter, which ended on September 28. Analysts project an additional 15 percent decline throughout the holiday period.This article originally appeared on Engadget at https://www.engadget.com/audio/speakers/sonos-ceo-patrick-spence-falls-on-his-sword-after-horrible-app-launch-160704330.html?src=rss


Category: Marketing and Advertising

 

Latest from this category

03.04Microsoft is reportedly walking back some data center plans
03.04Traeger built a smaller Flatrock griddle for smaller outdoor spaces
03.04Hori's Piranha Plant Switch 2 camera is a work of art
03.04YouTube is updating the Shorts video editor to make it a better alternative to TikTok
03.04Verizon just announced a three-year price lock plan, but there are caveats
03.04NVIDIA confirms the Switch 2 has DLSS
03.04'Careless People' author Sarah Wynn-Williams will testify at a Senate hearing next week
03.04Google's Pixel Buds Pro 2 are back on sale for an all-time-low price
Marketing and Advertising »

All news

04.04Asian shares fall after worst Wall Street day since 2020
04.04S&P 500 loses $2.4 trillion in market value, biggest one-day loss since 2020
04.04D-Street has worries, but losses stay limited
04.04IT stocks tumble as outlook turns hazy
04.04Tariffnama: Lose some, gain some
04.04Friendly fire leaves US markets as biggest loser
04.04Eli Lilly boss: 'Tariffs are pivotal moment and hard to come back from'
04.04President Trumps tariff push is a race against time and potential voter backlash
More »
Privacy policy . Copyright . Contact form .