Sonos Board OKs CEO’s 57% Salary Hike, Grants Him Stock Options, Cash Bonus

The Sonos board’s compensation committee gave CEO Patrick Spence a 57 percent increase in his annual base salary to $550,000 and granted him several options, including the right to buy 875,000 shares of Sonos stock at an exercise price of $15.44 a share, redeemable over the next four years, said an 8-K filing Wednesday at the SEC. The committee also gave Spence and three other top executives cash bonuses of $52,500-$56,250 for achieving “financial objectives and milestones” in the year ended Sept. 29, said the filing. Sonos reduced its operating loss for the year by 43 percent to $8.9 million on a 15 percent sales increase to $1.1 billion, including 27 percent Q4 revenue growth due largely to the success of the Sonos Beam sound bar (see 1811160031). Shares closed 3.8 percent lower Friday at $12.15.