The bad string for Vonage continues. It started off with an IPO debacle, continued with losing battle to Verizon in the patent infringement case and when this was not enough its CEO Michael Synder stepped down from his position. It was a short lived stay for Synder at the company as he didn't even complete a year. He has even resigned from the Board of Directors. Meanwhile Jeffrey Citron would become the interim CEO of the company. Unfortunately he has been barred from holding the position of CEO of a publicly traded company as a part of the settlement with Securities & Exchange Commission therefore the company is hunting for a new boss.
The company has gone into the restructuring mode and like any other exercise undertaken by such companies to get back into shape it will involve toning down of the marketing expenses besides some layoff. Come April the 26th and it may have some more bad news in store for them
Of all of them probably Synder was the softest target and after all somebody had to take the blame for the flop show. I think Synder is probably lucky to have escaped from all this and now the company is looking for another CEO who can bring back the fortunes of the company. Any takers?
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