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Article: Vonage's CEO Steps Down.(Michael Snyder resigns from Vonage Holdings)
- Article from:
- Multichannel News
- Article date:
- April 16, 2007
- Author:
CopyrightCOPYRIGHT 2007 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Todd Spangler
Reeling from a federal judge's order that it stop enrolling new customers, Vonage Holdings announced that CEO Michael Snyder resigned and that it planned to lay off 10% of employees as part of cutting expenses by $140 million this year.
The Holmdel, N.J.-based Internet telephone company named founder and chairman Jeffrey A. Citron as its interim CEO, and said it would initiate a search for a new CEO immediately. Snyder, who was previously president of ADT Security Services, was Vonage's chief executive for about 14 months.
Vonage also announced plans to reduce marketing expenses by 26%, or $110 million, to about $310 million ...