Sonder Holdings CFO Michael Hughes has resigned from his position, effective Aug. 15, the apartment-style accommodations provider announced Thursday.
Hughes, a longtime hospitality industry financial executive, joined Sonder in January. Interim Sonder CEO Janice Sears will assume CFO duties for the company on an interim basis as well, the company announced.
Sears became interim CEO in June upon the resignation of co-founder Francis Davidson. The company in a Thursday statement said it expected to appoint a permanent CEO by the end of 2025, and that it expected that person to be “actively involved” in the search for a new CFO.
Sonder since March 2024 has delayed filing financial results with the U.S. Securities and Exchange Commission, citing “accounting errors related to the valuation and impairment of operating lease right of use assets and related items” for 2022 and 2023, and has not filed first- or second-quarter results this year. Nasdaq has warned the delays have risked Sonder’s listing, and in a Thursday SEC filing Sonder indicated it expected another such warning concerning its delayed Q1 report.
Sonder last week announced it had raised about $24.5 million through the sale of promissory notes, which Sears in a statement said would “help Sonder execute our strategic plan and position the Company for long-term growth and value creation.”
Sonder CEO Davidson Steps Down
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