Patrick Spence has stepped down as CEO of Sonos after eight years, following a disastrous software update that disrupted the reliability the brand is known for. Tom Conrad, co-founder of Pandora and Sonos board member, will serve as interim CEO. The 2024 update was plagued with bugs, leading to feature losses and delayed products, including disappointing sales of the new Ace headphones. Additionally, Sonos experienced a 16% revenue drop in Q4 2024 compared to the previous year, prompting layoffs of 100 employees. The company is now seeking a permanent CEO.