Sonder Holdings president and CFO Sanjay Banker will step down from those positions and join the short-term accommodation provider’s board of directors, effective Jan. 1, 2023, the company announced Monday.
Banker will become a senior advisor to the company for a one-year period, according to Sonder. He “will advise management on the company’s strategic direction and progress on its Cash Flow Positive Plan,” the company said in a statement, referring to the restructuring plan and development strategy intended to increase its cash flow it announced in June.
Sonder has launched a formal search process to find Banker’s replacement, according to the company.
Sonder earlier this year went public through a merger with a special purpose acquisition company.