[ad_1]
good morning.
A longtime Apple finance executive is heading to Sonos to become CFO.
Saori Casey will join the company as its new finance director on January 22nd. Casey will succeed Eddie Lazarus as chief strategy officer and will remain chief legal officer.
Casey joins Sonos after spending approximately 13 years as Vice President of Finance at Apple. Prior to that, he spent 15 years at Cisco, where he held several leadership positions in operations, sales, research and development, FP&A, M&A, and systems finance. She says that her main focus during her first 90 days in her new role was meeting people and understanding what’s working and what’s working before establishing priorities in the process of expanding the company globally. He said that it was about learning about business, including “Isn’t he doing it?”
Sonos, traded on the Nasdaq as SONO, is a developer and manufacturer of wireless, portable speakers and home sound systems. CEO Patrick Spence said in a statement announcing her hire that Casey’s “depth and breadth” of experience at “world-class companies” makes her well-suited to build momentum for the company. Ta.
In addition to all finance functions, Mr. Casey will also help oversee technology. “The speed of change in the technology sector is very exciting,” she told me. “It gives me the opportunity to continue to learn and grow in my career, and it’s so rewarding to know that I’m contributing to something bigger than myself.”
Was there a particular part of her experience in her first CFO role that prepared her for the next step?
“I have spent my career gaining a variety of financial experiences,” Casey told me. “Most recently, I helped manage Apple’s company-wide P&L, working closely with the CEO and CFO to help grow the company’s revenue from approximately $65 billion to nearly $400 billion.”
But she also has experience in investor relations and working with board members, and has “worked very close to the business, in R&D, sales and operations,” which “also helps me a lot.” Probably,” he added.
Casey said his career goals and aspirations were not to chase titles. “I have always been focused on working for the best companies and taking roles that put me in a position where I can have the greatest impact while continuing to learn,” she said.
Facing headwinds, Sonos’ full-year 2023 total revenue was $1.655 billion, down 5.5% (approximately $97.1 million) compared to fiscal 2022 revenue of $1.752 billion. However, the company maintained innovation with new product releases. “As we enter fiscal 2024, we remain fully committed to positioning our business to return to execution and top and bottom line growth when conditions improve,” Spence said on the company’s fourth-quarter earnings call. Ta. But he also said that “in the second half of this year, we will be entering a multi-billion dollar new category that will complement our current offerings, delight our customers and drive near-term revenue.” He also hinted at the release of new products.
According to reports, this category could see the company enter the headphone space to compete with Apple and Bose. Casey declined to comment further on the matter, but said he is “excited about our product roadmap and the year ahead.” Casey’s appointment follows the hiring of Dunja LaRosa, who joined the company in October as chief revenue officer, and Deirdre Findlay as chief commercial officer, making Sonos a strategic hire.
Casey reflected on her new role and shared with me some of the best career advice she’s ever received. She says, “Trust your instincts and speak up, but stay true to your style.”
Cheryl Estrada
sheryl.estrada@fortune.com
Leader board
tom sanson Appointed CFO and COO of SoundCloud, effective immediately. Sansone he has over 20 years of experience. Most recently, he served as CFO of Kobalt Music Group for seven years. Previously, Sansone served as COO and CFO of Gilt Groupe for eight years.
Hadji Grover Mr. Glover has been appointed Vice President and Chief Financial Officer (CFO) of Scholastic, Inc. (NASDAQ:SCHL), a global children’s publishing, education and media company, effective January 22nd. Mr. Glover will succeed current Chief Financial Officer Ken Cleary and will fully transition into his new role as President of International. Glover brings over 27 years of experience to Scholastic. Most recently, he was the Director of Finance at Amazon. Prior to that, Mr. Glover served as Senior Vice President of Corporate Finance at Scholastic from 2020 until 2022.
big deal
The number of U.S. corporate bankruptcy filings rose again in December 2023, ending the year with the highest number of filings since 2010, according to an analysis by S&P Global Market Intelligence. The total number of applications in 2023 was 642, significantly higher than the previous two years and slightly higher than 2020. The report said the region had a high number of claims related to the COVID-19 pandemic. The Fed could cut interest rates as early as March, according to S&P Global Market Intelligence, but businesses will still have to deal with relatively high interest rates and rising wages in the near term.
even deeper
“SEC’s Twitter account was hacked and mistakenly posted a Bitcoin ETF approved by the agency,” the report states. luck‘s Leo Schwartz investigates the details surrounding the agency’s hacked account.
overheard
“I have children, I have grandchildren, and so do you. Things like this matter. Every detail matters.”
— Boeing CEO Dave Calhoun told staff, according to remarks shared by Boeing with CNBC. Calhoun, referring to the 737 Max 9’s door plug exploding during an Alaska Airlines flight, said the airline acknowledged “our mistake.”
[ad_2]
Source link
