Sonic Labs CEO resigns…shift to a board-led structure

Uk Jin

Summary

Sonic Labs said CEO Mitchell Demeter and Evan Owens, head of business development, have departed, and that the board will oversee operations until a successor CEO is appointed.
Sonic Labs said the CEO’s departure is unrelated to its financial footing, that the Sonic (S) token is fully diluted, and that there are no unlocked allocations held by venture capital (VC).
Sonic Labs said it has secured resources that can support long-term operations through its development fund, and will pursue infrastructure upgrades, an overhaul of the token economy framework, governance improvements, and a revamp of validator staking.

On the 21st (KST), Sonic Labs said that Chief Executive Officer (CEO) Mitchell Demeter stepped down effective that day. Evan Owens, head of business development, also left the company.

According to a post on X (formerly Twitter), Sonic Labs is searching for a successor CEO, and the board will oversee operations until an appointment is made.

Sonic Labs added that the CEO’s departure is unrelated to its financial footing and that the company’s financial condition remains stable. The company said, “There are currently no unlocked allocations held by venture capital (VC), and the Sonic (S) token is fully diluted,” adding that it has secured funding that can support long-term operations through its development fund.

It also said the development fund is diversified across its native token (S) as well as stablecoins, Treasury securities, digital assets, real estate, and equity investments, and that it will continue to push forward with network technology upgrades and ecosystem expansion.

Sonic Labs said that throughout 2026 it will focus on infrastructure upgrades and overhauling the token-economy framework, while sequentially disclosing additional roadmap items such as governance improvements and a revamp of validator staking.