Dive Brief:
- Sonos Inc.’s CFO Brittany Bagley is leaving effective Sept. 1 to take the financial helm at Taser-maker Axon, the wireless speaker company announced Wednesday.
- Bagley has been at the finance helm of the Santa Barbara, Calif.-based company for three years. Eddie Lazarus, Sonos’ chief legal officer, will serve as interim CFO until a replacement is found. Lazarus previously stepped in to provide guidance last year during Bagley’s parental leave.
- Also an employee at Sonos for three years, Lazarus moves to the top financial seat after the company reported disappointing third quarter revenue results.
Dive Insight:
Bagley’s resignation from the well-known home speaker maker comes as the company Wednesday reported a nearly $600,000 fiscal third quarter net loss compared to net income of $17.8 million in the year-earlier period. Revenue also fell 1.8% to $371.8 million over the same period, according to Sonos. The company's shares slumped after the earnings miss and were down about 25% Thursday at $17.08 in afternoon trading.
Sonos CEO Patrick Spence blamed the disappointing results on a combination of factors including inflation.
“We have seen the macroeconomic backdrop become significantly more challenging for us starting in June as the dollar’s appreciation and high inflation have adversely affected consumer sentiment globally, particularly in the categories in which we play,” he said in a statement.
Spence credited Bagley with playing an instrumental role in helping the company expand into new markets and categories. He said Lazarus, who served as general counsel and chief strategy officer at Tribune Media before joining Sonos, has “exceptional management experience in key financial disciplines including capital allocation and strategic planning, and is well qualified to lead our finance function.”
Sonos declined to comment.
