At the tail end of its shareholder letter for Q1 2019, Sonos disclosed that the company’s chief financial officer, Mike Giannetto, will be retiring “later this year.” Giannetto has been with Sonos for seven years, helping to guide the company through its IPO back in August of 2018.
As for who will take over the role: Sonos isn’t sure yet. They’ve hired a search firm to help them find a new CFO, but CEO Patrick Spence writes that Giannetto “will help with that search and be around as long as we need him to ensure a smooth transition.”
Sonos stock dipped by about 17 percent immediately after the news was announced (from $12.37 at market close to $10.42 after hours) but has climbed its way back up a bit to around $11.76 per share.
Story developing…