Amidst the Patent lawsuit crisis with Verizon, Vonage announced that Michael Snyder agreed to step down from his position as Chief Executive Officer and resign from the Company's Board of Directors effective April 11, 2007.
Vonage also announced that Jeffrey A. Citron, the Company's Chairman and Chief Strategist, has been appointed as the Company's interim Chief Executive Officer.
Vonage also released preliminary estimated numbers for the 1st Quater of 2007:
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- Total Revenue (in millions):$195
- Gross Subscriber Line Additions:332,000
- Net Subscriber Line Additions:166,000
- Average Monthly Customer Churn:2.4%
- Marketing Cost per Gross Subscriber Line Addition:$275
- Average Monthly Revenue per Line $28.
Mr. Citron said, "In order to strengthen Vonage's financial position, we are taking a number of measures to reduce our costs and operating expenses. We remain focused on improving our competitive position in the marketplace."
The Vonage management will host an investor conference call on Thursday, April 12, 2007 at 8:00 AM ET to discuss this information and other recent developments. To participate, please dial (800) 289-0533 approximately ten minutes prior to the call. International callers should dial (913) 981-5525.
More details in this Vonage press-release.