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The Sonic token dropped 5% on Friday after Sonic Labs announced that board members Andre Cronje, Michael Kong, and David Richardson had resigned, adding to a governance overhaul that began with chief executive Mitchell Demeter's departure in February.
Matt Visser has been named the new CEO, marking the second leadership change at the top of the organisation within a matter of months.
Three Exits Compound an Existing Vacancy Cronje, Kong, and Richardson stepped down from the Sonic Labs board simultaneously on Friday.
Their departure follows Demeter's resignation from the chief executive role in February — a sequence that has now stripped Sonic Labs of multiple senior figures across two separate rounds of exits.
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