Citron Sidelined: Vonage Gets New CEO
Vonage Holdings Corp. (VG) appointed a new CEO today. Marc Lefar steps in for Vonage founder Jeffrey Citron, who’s served as interim CEO since April 2007, after Michael Snyder resigned.
Lefar is a marketing pro, of all things. At first, that seems like an odd choice for a CEO. But if you think about it, Vonage needs a new and improved image – its stocks have plummeted, the company lost all those patent infringement lawsuits and it’s still struggling to refinance its hefty debt. Lefar worked as chief marketing officer of Cingular Wireless for four years until founding his own tech and media consultancy last year. He also has worked for GTE Wireless, Verizon Wireless and Cable & Wireless Global.
It’ll be interesting to watch Citron maneuver Vonage from the sidelines once again. One of the capitulations he made when Vonage wanted to go public was to promise not to serve as an officer in a public company – it was never very clear how he was able to serve as interim CEO for a year. In 2003, he paid the Securities and Exchange Commission $22.5 million in a securities fraud case.
Reuters: Vonage names Marc Lefar as CEO, replacing Citron
TheStreet: Vonage Taps New CEO
Silicon Valley Insider: Vonage Names Marc Lefar CEO
