Vonage chief walks
Troubled telco and broadband provider Vonage has lost its chief executive. Michael Snyder has quit as CEO and resigned from the board of directors.
Vonage chairman Jeffrey Citron is stepping in as interim chief exec while the company looks for a replacement.
The company also announced prelimary results for the quarter ended March 31, 2007. The firm made revenues of $195m and added 166,000 net line subscribers. Average monthly churn was 2.4 per cent.
Vonage also announced cost cutting measures - it is cutting $110m from its marketing budget and another $30m from its general and admin budget.
The company's release is available for download here. ®