Sonos CEO steps down as company faces increased competition

After 14 years at the helm, Sonos CEO and co-founder John MacFarlane has stepped down. He has also resigned from the company's board or directors, but will remain with Sonos to work on other projects and serve as a mentor to employees. MacFarlane's transition is the latest in a handful of personnel moves that began last year. Sonos announced layoffs last March shortly before product head Marc Whitten left the company. Former president and chief commercial officer Patrick Spence will take over as CEO.