Vonage slides after announcing Dennis Fois leaving for new CEO role
Shares of Vonage (VG) have slid after the company announced last night that Dennis Fois, Vonage's Applications Group President and former CEO of NewVoiceMedia, has informed the company of his intention to step down from his role to become CEO of a private technology company. Vonage has initiated a global search for a new Applications Group lead. Fois will remain at the company through April 30, and Alan Masarek, Vonage CEO, will assume interim leadership of the Applications Group until the search is completed, the company said. "We acquired NewVoiceMedia to accelerate Vonage's growth strategy and leadership position in cloud communications, strengthen our presence with global mid-market and enterprise clients, and deepen our integrations and key go-to-market relationships with CRM providers. Dennis has been a great partner and helped lead a smooth integration of NewVoiceMedia into Vonage, including the creation of the Applications Group and its go-to-market strategy," Masarek said. In afternoon trading, Vonage shares are down about 3% to $9.40.