Sonic Labs has announced sweeping changes in its leadership. Amid the news the S token of the blockchain project dropped by more than 6%.

The board of directors of the developer of the layer-one EVM network was left by:

• former CEO and director Michael Kong;
• executive chairman David Richardson;
• co-founder and CTO Andre Cronje.

The company called them «the architects of the current Sonic» and stressed that they laid the foundation for the project's further development.

New CEO and COO

The post of chief executive officer was taken by Matt Visser, while Kosta Kourkoumelis became COO.

The new leadership said its top priority would not be presenting a new roadmap, but rather putting operations in order and restoring the community's trust.

«I am not going to promise an instant turnaround. My task is to make Sonic 1% better every day and let that effect compound», said Visser.

The team acknowledged the problems

In an address to the community, Sonic Labs openly acknowledged the deterioration of market metrics and investor sentiment.

«The token is falling. Community sentiment is worsening. We see this and are not going to pretend the problem does not exist», the statement says.

In January 2025 the S quotes reached an all-time high of $1.03. At the time of writing the asset is trading at $0.028 — 97.2% below its peak. 

The leadership proposed treating the current moment as «day one» of a new stage in the project's development. Instead of short-term promises, the team pledged to focus on gradual improvements over the next 100 days.

Betting on transparency and risk control

Among the key changes, Sonic named greater management transparency, the creation of a separate risk and compliance committee, as well as more open engagement with S holders.

The company promised to publish more concrete information about the decisions it makes and to abandon formal announcements without practical substance.

Development continues

Despite the personnel reshuffle, Sonic stressed that the technical team continued working without interruption. Since the start of 2026 the developers have merged about 400 significant pull requests into the main GitHub branch, released two network updates and continue testing version 2.2.0 on a closed testnet.

The company noted that it is technology that remains the ecosystem's main asset and that it continued to develop independently of the organizational changes.

Recall that in March the Sonic team introduced the «institutional» stablecoin USSD.

Source: ForkLog