Chuck Darwin on Nostr: nprofile1q…dlst5 Sonos CEO Patrick Spence is stepping down from his position ...
nprofile1qy2hwumn8ghj7un9d3shjtnddaehgu3wwp6kyqpqqdfq7xsxn54dqcagze67nx549ll68hxtt7js2c6hgvtzktuz58zstdlst5 (nprofile…lst5)
Sonos CEO Patrick Spence is stepping down from his position effective Monday and will be replaced by board member Tom Conrad while an external firm searches for a formal replacement.
Spence will remain at Sonos in an advisory capacity until June 30 to help with the transition
-- and will be paid $7,500 a month until that date.
After that point, he will get a cash severance payment of over $1.8 million and other benefits,
including a year of COBRA health coverage
and accelerated vesting of stock options.
Spence's resignation comes roughly eight months after Sonos released a buggy new version of its app that caused "significant problems" with things like sleep timers and alarms,
adding songs to a queue,
managing Wi-Fi connectivity, and more.
In August, the company delayed launching two new products to tackle the "app situation"
and later said that it wouldn't be bringing back the old, unbroken app.
Interim CEO Conrad will get a base salary of $175,000 a month and stock worth $2.65 million.
Sonos CEO Patrick Spence is stepping down from his position effective Monday and will be replaced by board member Tom Conrad while an external firm searches for a formal replacement.
Spence will remain at Sonos in an advisory capacity until June 30 to help with the transition
-- and will be paid $7,500 a month until that date.
After that point, he will get a cash severance payment of over $1.8 million and other benefits,
including a year of COBRA health coverage
and accelerated vesting of stock options.
Spence's resignation comes roughly eight months after Sonos released a buggy new version of its app that caused "significant problems" with things like sleep timers and alarms,
adding songs to a queue,
managing Wi-Fi connectivity, and more.
In August, the company delayed launching two new products to tackle the "app situation"
and later said that it wouldn't be bringing back the old, unbroken app.
Interim CEO Conrad will get a base salary of $175,000 a month and stock worth $2.65 million.