Saori Casey to Join Sonos as Chief Financial Officer
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Insights
An appointment of a new Chief Financial Officer (CFO) can significantly influence a company's financial strategy and investor confidence. Saori Casey's extensive experience in corporate finance, particularly her tenure at Apple and Cisco, suggests she has a robust background in managing financial operations at scale. Her expertise in financial planning, forecasting and investor relations is likely to bring a fresh perspective to Sonos' financial management.
Casey's history of working with companies during periods of substantial revenue growth could be indicative of her ability to steer Sonos through its next growth phase. Her role in financial management of G&A functions at Apple, a company known for its efficient capital allocation and strong investor relations, may translate into disciplined financial oversight and strategic investments at Sonos.
Moreover, her experience on the board of Houzz and involvement in audit and compensation committees suggests a deep understanding of corporate governance and fiscal responsibility, which could enhance Sonos' financial transparency and accountability.
The executive shuffle at Sonos, with the introduction of Saori Casey as CFO and the transition of Eddie Lazarus to Chief Legal and Strategy Officer, indicates a strategic realignment. Lazarus' focus on strategy and sustainability in his new role could signal Sonos' intent to invest in long-term corporate development and environmental initiatives, which are increasingly important to investors.
With the consumer electronics industry being highly competitive, Casey's experience with tech giants like Apple and Cisco might provide Sonos with valuable insights into consumer trends and product lifecycle management. This could help Sonos maintain its competitive edge in the market for audio products.
The mention of entering a new multi-billion dollar category later in the year is particularly noteworthy. It suggests that Sonos is eyeing expansion and diversification, which could open up new revenue streams and potentially increase market share. However, the success of such ventures will depend on the company's ability to execute and deliver products that resonate with consumers in a crowded marketplace.
Casey's appointment and Lazarus' role change reflect Sonos' emphasis on strengthening its executive leadership structure. Effective corporate governance can be a key driver for business success and the strategic placement of executives with proven track records is often seen as a positive move by shareholders.
Casey's governance experience, particularly her chair position on the Audit Committee at Houzz, is likely to reinforce Sonos' commitment to sound financial practices and risk management. This could be instrumental in navigating the complex regulatory landscape and ensuring compliance, which is vital for maintaining investor trust.
Lazarus' continued involvement in legal affairs as he takes on strategy responsibilities may provide continuity and stability in Sonos' legal operations, while also allowing for a more integrated approach to corporate strategy that aligns with legal considerations and sustainability goals.
Current CFO and CLO Eddie Lazarus to assume Chief Legal and Strategy Officer role
Saori brings more than 30 years of corporate finance experience, with nearly 13 years serving as Vice President of Finance at Apple, where she was responsible for running all aspects of Apple’s financial planning, forecasting, capital allocations, investor relations, as well as financial management of all G&A functions. Prior to joining Apple, Saori spent 15 years at Cisco, where she held a number of finance leadership roles spanning operations, sales, R&D, FP&A, M&A, and systems, as the company scaled its revenue from
“I am excited to welcome Saori as our new CFO. The depth and breadth of her experience at world-class companies like Apple and Cisco make her perfectly suited to build on our momentum and seize the opportunity ahead,” says Sonos CEO Patrick Spence. “Saori’s appointment to CFO and Eddie’s transition to Chief Legal and Strategy Officer, along with the recent appointments of Deirdre Findlay as Chief Commercial Officer and Maxime Bouvat-Merlin as Chief Product Officer, have yielded an accomplished executive leadership team poised to accomplish our ambition to be the world’s leading sound experience company.”
“Sonos is an iconic consumer brand with an exciting portfolio of audio products that delight and inspire millions of consumers around the world, myself included,” said incoming Chief Financial Officer, Saori Casey. “I have great admiration for what the team has built and am energized by the opportunity to help lead Sonos into its next phase of growth.”
In his new role, Eddie will be responsible for leading Sonos’ strategic planning, corporate development, and sustainability efforts, in addition to his Chief Legal Officer duties.
“I am incredibly grateful for the opportunity to serve as CFO of Sonos during the last 16 months. I hand the baton to Saori at an exciting time, following a successful holiday season, and ahead of our entry into a new multi-billion dollar category later this year,” Eddie Lazarus commented. “I look forward to partnering with Saori to ensure a smooth transition, and dedicating more of my time to crafting the strategies that will position Sonos to succeed over the long term.”
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our anticipated new product launch and the timing thereof, a smooth transition for our executive officers’ new roles, and the company’s potential for market leadership and long-term success. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to: our ability to accurately forecast product demand and effectively forecast and manage owned and channel inventory levels; the impact of global economic, market and political events, including the potential for an extended global recession, continued inflationary pressures, rising interest rates and, in certain markets, foreign currency exchange rate fluctuations; changes in consumer income and overall consumer spending as a result of economic or political uncertainty or conditions; changes in consumer spending patterns; our ability to successfully introduce new products and services and maintain or expand the success of our existing products; the success of our efforts to expand our direct-to-consumer channel; the success of our financial, growth and business strategies; our ability to meet product demand and manage any product availability delays; supply chain challenges, including shipping and logistics challenges and component supply-related challenges; the resurgence of the COVID-19 pandemic and the other risk factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2023 and our other filings filed with the Securities and Exchange Commission (the “SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this press release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events. Sonos and Sonos product names are trademarks or registered trademarks of Sonos, Inc. All other product names and services may be trademarks or service marks of their respective owners.
About Sonos
Sonos (Nasdaq: SONO) is one of the world’s leading sound experience brands. As the inventor of multi-room wireless home audio, Sonos’ innovation helps the world listen better by giving people access to the content they love and allowing them to control it however they choose. Known for delivering an unparalleled sound experience, thoughtful home design aesthetic, simplicity of use and an open platform, Sonos makes the breadth of audio content available to anyone. Sonos is headquartered in
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Investor Contact
James Baglanis
IR@sonos.com
Media Contact
Erin Pategas
PR@sonos.com
Source: Sonos
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