SANTA BARBARA – Santa Barbara-based speaker maker Sonos has announced plans to cut 12% of its global workforce due to “uncertainty and challenges” due to the coronavirus pandemic.
According to filings with the U.S. Securities and Exchange Commission, the company initiated a plan Tuesday to eliminate “its global headcount.” In addition, the company announced it is closing its New York retail store and six satellite officers.
Also Tuesday, the company’s board approved a 20% reduction in base salary of the company’s CEO, Patrick Spence, between July 1 and Dec. 31, and for other executive officers between July 1 and Sept. 30. All board members will also forgo their annual cash retainer between July 1 and Dec. 31.
— Mitchell White