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SAN FRANCISCO - Sonder Holdings Inc. (NASDAQ:SOND) announced Thursday that Chief Financial Officer Michael Hughes has resigned from his position, effective August 15, 2025. The announcement comes as the company faces financial challenges, with InvestingPro data showing a significant debt burden of $1.4 billion and a concerning current ratio of 0.29.
The hospitality company, which operates premium apartments and boutique hotels, is currently conducting a previously announced CEO search process. According to the company’s Board of Directors, they expect to appoint a permanent chief executive by the end of 2025.
Sonder’s Interim Chief Executive Officer Janice Sears acknowledged Hughes’ contributions, stating that he helped strengthen the company’s financial position. The company indicated that once appointed, the new CEO will be actively involved in the search for a permanent CFO.
The management changes come as part of what the company described as its "long-term leadership succession plan." Sonder aims to identify executives who can help the company achieve growth potential and maximize value.
Sonder, which launched in 2014, currently operates properties in over 40 markets across nine countries and three continents. The company offers accommodations through its app, which provides guests with self-service features and 24/7 on-the-ground support.
The information in this article is based on a company press release statement.
In other recent news, Sonder Holdings has received a compliance warning from Nasdaq due to delayed regulatory filings. The company disclosed that it received a deficiency letter from Nasdaq on May 23, 2025, for not filing its quarterly report on time. This follows a previous notice on April 24, 2025, regarding the late filing of its annual report for the year ended December 31, 2024. Sonder Holdings is now required to submit a compliance plan within 60 days from the initial notice to address this issue. Nasdaq has indicated that it may grant an extension until October 13, 2025, for the company to file the overdue documents. These recent developments highlight the importance of timely regulatory filings for maintaining Nasdaq listing compliance.
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