Vonage CEO Lefar to retire
Marc Lefar, Vonage's CEO, said that he is going to retire from the VoIP provider once a replacement is found.
Lefar, who joined the company in 2008, will stay on as CEO to ensure an "orderly leadership transition," which the provider said should be completed by the end of this year.
Vonage's board plans to begin a formal search for a successor for Lefar, who will also participate in the selection process. The company will look at a mix of internal and external candidates for the CEO role.
Lefar will go down in the company's history as a transformational CEO.
"He charted a new course for the company, delivering strong financial results and dramatic operational improvements," said Jeffrey Citron, chairman of Vonage, in a statement. "Strategically, he has guided our transition from the domestic home phone replacement market into higher growth segments and geographies, supported by new services and platforms."
Among his accomplishments were driving the company's move into the lucrative international market and delivering a mix of international wireline and wireless-based long-distance services and mobile services. The company began offering a World Premium Unlimited calling plan in 2011 with unlimited calling to mobile phones across 42 countries and counting.
But his biggest move came last year when the company shelled out $130 million for VoIP provider Vocalocity, a move that immediately gave the once residential service-focused provider a foothold in the lucrative small to medium business (SMB) market.
Vonage reported that Vocalocity had pro forma revenue of $17 million in the fourth quarter of 2013, up 40 percent from the year-ago quarter, and $62 million for the full year, up 38 percent from the prior year.
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