Sonic Labs announced large-scale changes in its leadership. Against the backdrop of the news, the S token of the blockchain project dropped by more than 6%.

The board of directors of the firm developing the layer-1 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 emphasized that it was they who laid the foundation for the project’s further development.

New CEO and COO

The position of CEO was taken by Matt Visser, and Costa Kourkoumelis became COO.

The new leadership stated that the top priority would be not the presentation of a new roadmap, but 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 this effect compound,” Visser said.

The team acknowledged the problems

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

“The token is falling. Community sentiment is deteriorating. We see this and are not going to pretend that the problem does not exist,” the statement reads.

In January 2025, the S quote 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 viewing the current moment as the “first day” 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.

A bet on transparency and risk control

Among the key changes, Sonic named increasing management transparency, creating a separate risk and compliance committee, and more open interaction with S holders.

The company promised to publish more specific information about the decisions being made and to abandon formal announcements without practical content.

Development continues

Despite the personnel reshuffles, Sonic emphasized that the technical team continued to work without interruption. Since the beginning 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 main asset of the ecosystem and that it continued to develop independently of the organizational changes.

As a reminder, in March the Sonic team presented an “institutional” stablecoin USSD.

Source: ForkLog