Sonic Labs, the research and development firm behind the Sonic blockchain, said on Friday that three longtime board members are resigning as part of a leadership overhaul. The company named Matt Visser as chief executive officer and Kosta Kourkoumelis as chief operating officer in a post on X.
Andre Cronje, Michael Kong and David Richardson are stepping down from the board, the company said. Kong is a former CEO of the Fantom Foundation and a Sonic Labs director, Richardson served as executive chairman, and Cronje was chief technology officer. The three "remain invested in Sonic's success" but are handing off their responsibilities in full, according to Sonic Labs, which said they will no longer make business decisions for the organization.
The S token traded at about $0.028 around publication time, down roughly 10% over 24 hours, according to The Block's Sonic Price page. The price sits about 97% below the $1.03 all-time high it reached in January 2025, putting the network's current market cap near $107 million. Total value locked across Sonic's DeFi protocols stood at about $26 million, down from a peak above $1.1 billion in May 2025, per DefiLlama data.
Second leadership change in nine months
