- Sonic token fell over 5% as Cronje, Kong, and Richardson exited the board.
- New CEO Matt Visser takes charge after months of executive turnover at Sonic.
- Sonic pledged greater transparency and compliance as token losses deepen.
Sonic’s S token fell over 5% after the project announced the departure of board members Michael Kong, Andre Cronje, and David Richardson. They stepped down from the project’s board on June 20, closing a period of executive change that has changed the organization formerly known as the Fantom Foundation.
The announcement arrived as the network’s revised S token continues to struggle, having lost roughly 90% of its value over the past year.
New Executive Team Takes Control
Sonic Labs said Matt Visser has been appointed chief executive officer, while Kosta Kourkoumelis will serve as chief operating officer. Their appointments replace a board-led management structure that had been overseeing operations following earlier executive departures.
The transition follows the resignation of former CEO Mitchell Demeter in February 2026. Demeter had taken the role in September 2025 after Sonic Labs, then operating as the Fantom Foundation, reorganized its leadership team. At that time, Kong moved into the chief information officer position, while Cronje served as chief technology officer.
Demeter’s departure earlier this year was followed by the resignation of business head Evan Owens, prompting board members, including Kong and Cronje, to assume direct operational oversight. The appointments of Visser and Kourkoumelis now conclude that interim arrangement.
Cronje Shifts Focus to Flying Tulip
Cronje confirmed his departure from the board through a post on X, stating that he intends to focus on Flying Tulip, a decentralized finance exchange being developed on the Sonic network.
According to the announcement, Cronje, Kong, and Richardson will retain their financial interests in the project despite stepping away from business decision-making responsibilities.
Cronje said he would focus on Flying Tulip, a DeFi exchange being built on Sonic, suggesting he will remain active within the ecosystem despite leaving governance responsibilities. The venture raised capital earlier this year at a reported $1 billion valuation while the S token continued its decline.
Company Addresses Performance Challenges
Rather than presenting the leadership changes as a recovery effort, Sonic acknowledged ongoing challenges affecting the project. The company stated that both token performance and community sentiment have declined and said it would not attempt to present the situation differently.
To address concerns, Sonic outlined four commitments. These include publishing decisions alongside the reasoning behind them, forming a risk and compliance committee, treating S token holders as stakeholders, and reducing promotional announcements in favor of more direct updates.
The leadership overhaul comes as Sonic attempts to reverse declining token performance and restore confidence among community members after a prolonged period of market weakness. He added that the company would concentrate on making incremental improvements over time.
Related: S Token Price Dips 3%, but Sonic Labs CEO Says Long-Term Vision Is Strong
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