According to Cointelegraph, the S token fell 5% after a board-level change at Sonic Labs. The move involved three former executives who had been serving on the Sonic Labs board: Andre Cronje, Michael Kong and David Richardson. All three stepped down from the board on Friday.
Matt Visser appointed as CEO
The board resignations were reported alongside a leadership change at the company. Sonic Labs appointed Matt Visser as CEO. Visser replaces Mitchell Demeter, who resigned in February, according to the information provided in the report.
The news centers on two developments occurring in the same report: the departure of three former executives from the Sonic Labs board and the appointment of a new chief executive. The S token’s 5% decline was reported in connection with those changes. The summary did not provide additional details on the reasons for the board resignations or further plans under the new CEO.