Jeffrey Citron will replace Michael Schneider as CEO of Vonage. It seems Wall Street is happy with this move as the stock price has increased somewhat on this news.
In addition the company has instituted a hiring freeze and layoffs of 180 workers or about 10% of the workforce according to CNBC.
Vonage also says they are just shy of the 3 million customer milestone which is a fantastic achievement.
Having Citron back is CEO is great news for the company as he is responsible for building Vonage into the strong brand it is today. Unfortunately blame can be placed on him for building a market-share at all cost company.
Hopefully the layoffs could be a sign that Citron is serious about achieving profitability. Jeffrey has got to focus on profit now more than ever if he wants to gain Wall Street’s blessing and get the stock price to start moving in the positive direction.