Sonder replaced CEO Francis Davidson as board chairperson, a position he’s held since 2014. Davidson, who co-founded the short-term rental platform that year, remains CEO and will serve as a board director.
The company announced Monday that it has tapped Janice Sears, who had served as the board’s lead independent director, to be its independent board chairperson. Sears has been a board member since 2016, and most previously served in several executive positions at Banc of America Securities, an investment bank, until 2009.
“Sonder has transitioned to a structure with an independent director serving as the Board Chairperson, which is consistent with the Board’s focus on enhancing corporate governance,” the announcement stated.
Asked to elaborate, a spokesperson for Sonder told Skift that the change was “purely a matter of governance best practice. Having an independent chair is widely recognized as a best-in-class governance provision. Nothing beyond that.”
Other Sonder Board Changes
Meanwhile, Sonder announced that Nabeel Hyatt, a board member since 2016, resigned the post December 31, and the company added Erin Wallace to the board on January 1.
Wallace served as chief operating officer of Great Wolf Resorts from 2016 to 2019. Prior to that Wallace spent many years at Disney, where she worked in senior executive roles in the company’s theme parks and resorts units.
“As we continue to progress with our integration efforts under the strategic licensing agreement with Marriott International and with the continued execution of our operational initiatives across the business, Erin’s expertise will be immediately additive to the transformational efforts underway,” Davidson said in a statement.
In August, Sonder and Marriott signed a 20-year licensing agreement. When the deal is implemented in 2025, Sonder will be able to distribute its properties through Marriott channels, and Marriott Bonvoy members can earn and burn points through Sonder stays.
Founded as a short-term rental platform, Sonder today offers short-term rental and hotel stays.
Sonder has struggled since going public in a SPAC deal in 2022. It had a $1.9 billion private valuation a few months before going public, but its market cap Monday was $39.3 million, according to Google Finance.
The company received a potential delisting notice from Nasdaq on November 20 for failing to file its 10-Q report for the third quarter of 2024. Sonder has until May 19, 2025 to regain compliance.
