Sonic Labs announced a sweeping leadership overhaul on Friday, naming Matt Visser as the new chief executive officer and appointing Kosta Kourkoumelis as chief operating officer after Michael Kong, Andre Conje, and David Richardson resigned from the board.
Leadership Transition and Strategic Focus
The board departures include former CEO Michael Kong, former CTO Andre Conje, and former chairman David Richardson, all of whom confirmed their resignations via social media. Matt Visser steps in as CEO while Kosta Kourkoumelis assumes the COO role, signaling a fresh managerial direction for the Sonic blockchain project.
Visser emphasized that the immediate priority is not a new roadmap but restoring operational discipline and rebuilding investor confidence. The team pledges to implement transparent governance, establish a dedicated compliance unit, engage the community, and avoid unfulfilled promises.
Market Reaction and Token Outlook
Following the leadership announcement, the native S token of the Sonic chain fell 6 % on Friday and slipped an additional 6 % to approximately $0.028 in early trading. Since reaching a peak near $1 in early 2025, the token has lost more than 97 % of its value, reflecting a prolonged bearish sentiment among crypto investors.
The project acknowledged the price weakness, stating that the token’s decline and diminished sentiment are evident and must be faced head‑on. Visser warned that rapid turnarounds are unrealistic, but pledged to improve Sonic’s performance by 1 % each day, aiming to gradually restore market confidence.