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Sonos Stocks falls after CFO planned departure

Michael Giannetto, Sonos Chief Financial Officer, is retiring from his post early this year as the company’s earnings beat its expectations.

Sonos is an American consumer electronics company founded by John MacFarlane, Craig Shelburne, Tom Cullen and Trung Mai in 2002. It is widely known for the smart speakers it develops and manufactures.

Sonos technology allows users to connect multiple speakers throughout their homes to play the same music at the same time, and to stream music from a range of services like Spotify and Pandora.

Though Sonos have been earning more than what they have expected, the start of their Q1 earnings in 2019 stumbled to more than 17 percent after Michael Giannetto, Sofos’s CFO announced his plans to retire early this year.

Giannetto joined Sofos in 2012. After almost seven years of service at Sofos, he decided to leave the company.

Sonos CEO Patrick Spence said that Q1 was another good proof-point that they are doing on what they have said that they’ll do – drive sustainable, profitable growth.

Giannetto addresses his stay at Sonos a ‘truly remarkable’ time. He also said that he is confident in the future of the business and grateful for the many friends and colleagues he has met along the way.

According to Spence, Gianetto will help with the search and be around until the company finds his successor.

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