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Vonage CEO Michael Snyder Resigns

Authored by Scott Goldberg on April 12, 2007 - 6:57am.
Vonage CEO Michael Snyder So this is what Vonage meant when it said a Thursday conference call would reveal how the company planned to work around Verizon’s patents?  Still, today’s announcement that CEO Michael Snyder is resigning comes as little surprise.  On Monday a judge barred the company from adding new customers, causing the stock to fall 11% to its all-time low of $2.88.  This followed a ruling last month by a Virginia jury that ordered Vonage to pay Verizon $58 million, plus royalties on future sales, for violating three of its patents. 


The company also announced spending reductions of $140 million over the coming months, CNET reported.  $110 million of it will come from marketing reductions, and $30 million will come from staff reductions. 


Jeffrey Citron, the chairman of the board, will take over as the interim CEO.  But the question is would anyone want to inherit this mess?  



Related Links:
Vonage CEO out (CNET)
http://tinyurl.com/27m9vd (DMW)
tags: Law | Verizon | VOIP | Vonage | Career Moves |



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