Vonage CEO steps down, former head Citron steps in as company slashes expenses

By Lisa Kerner

Charlotte, N.C., April 12 - Vonage Holdings Corp.'s chief executive officer Michael Snyder stepped down and also resigned from the company's board of directors effective April 11.

Jeffrey A. Citron, the company's chairman, has been named interim chief executive officer as the company begins an immediate search for Snyder's replacement, according to a company news release.

Citron was the company's chairman and chief executive officer from January 2001 through February 2006.

Vonage also released its preliminary estimation of operating and financial results for the quarter ended March 31. The company is reporting total revenue of $195 million. Financial statements for the quarter have not been finalized.

The company plans to implement cost-cutting measures to reduce Vonage's loss from operations while improving its competitive position in the marketplace, the release stated.

Marketing expense will be reduced by some $110 million, bringing total marketing spending to roughly $310 million for 2007. General and administrative cuts of about $30 million are expected through the remainder of the year as the result of consolidation and workforce reduction.

Vonage is a Holmdel, N.J., broadband telephone services provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.