Sonic drops 14% after Cronje and top executives resign from board
Andre Cronje, Michael Kong, and David Richardson exit the board as the S token sits 97% below its all-time high.
Sonic (S) dropped 14% after Sonic Labs unveiled a major leadership transition that includes board departures and new executive appointments.
CoinGecko data shows that the layer 1 crypto asset fell from $0.032 to about $0.028 in the wake of the announcement. The fall marks another setback for S, which has lost approximately 63% of its value so far this year.
Board transition
Sonic Labs is reshaping its leadership structure and governance framework as it confronts weak token performance and declining community sentiment.
Michael Kong, Andre Cronje, and David Richardson are resigning from the Sonic Labs board, ending their formal role in business oversight while remaining supportive of the ecosystem’s long-term development.
The company credited the three executives with helping build the foundation of Sonic and said the transition is being completed through a full handover process.
New executive team
Matt Visser has been named Chief Executive Officer and Kosta Kourkoumelis has been appointed Chief Operating Officer.
According to the company, the leadership team’s immediate priorities are operational discipline and rebuilding credibility with stakeholders.
“I am not here to promise an instant turnaround. I am here to make Sonic 1% better every single day and let that compound,” Visser said.
Acknowledging challenges
The Sonic team acknowledged that both token performance and community sentiment have declined, describing the next 100 days as a period focused on incremental improvements rather than rapid transformation.
As part of the reset, Sonic committed to greater governance transparency, the creation of a dedicated risk and compliance committee, stronger engagement with token holders, and more direct communication about company activities and outcomes.
Sonic said engineering efforts continued without interruption during the transition. Year-to-date, the company reported more than 400 meaningful pull requests merged into its main GitHub branch, two official releases, ongoing development of Version 2.2.0 with six release candidates, an active private testnet, and fully operational development pipelines.
The company said its technology platform remains its strongest asset and emphasized that future success will depend on execution across the entire organization.