Sonos CEO Patrick Spence Resigns Following App Update Debacle, Stock Tumbles: Retail's Bearish

Shares of Sonos Inc. (SONO) plunged more than 7% in morning trade on Monday after the company’s CEO, Patrick Spence, resigned following an infamous app update that threatened its reputation.

Spence has been replaced by Tom Conrad, who joined the company’s board in 2017. Conrad will be the interim CEO until Sonos finds a permanent replacement for Spence.

“Tom’s mandate is to improve the Sonos core experience for our customers while optimizing our business to drive innovation and financial performance,” said Julius Genachowski, Chair of the Sonos board.

“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,” Genachowski added.

To recall, Sonos rolled out a controversial app update back in May 2024 that was buggy and resulted in layoffs over the next few months.

Retail sentiment on Stocktwits soured on Monday, entering the ‘extremely bearish’ (9/100) territory, while message volume was in the ‘extremely high’ (95/100) zone.

One user expressed surprise that the Sonos stock price is not lower than where it is right now.

However, another user expressed bullishness following Conrad's appointment as interim CEO.

Sonos’ stock price has fallen by more than 4% in the past six months, while its one-year performance is worse with a decline of 15%.

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Also See: Apple Stock Dips As Global Market Share Shrinks Due To Intensifying Competition From Chinese Rivals: Retail Sentiment Bullish

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