Holmdel, N.J. — Embattled VoIP provider Vonage announced that CEO Mike Snyder was stepping down, effective immediately with Vonage chairman Jeffrey Citron serving as interim CEO while the firm looks for a replacement.
Vonage chairman Jeffrey Citron will serve as interim CEO.
The company also announced it will scale back its marketing budget by about $110 million. Vonage still expects to spend $310 million on marketing this year. Additional cost-cutting measures will include a 10 percent reduction of its workforce.
While the company’s quarterly results have yet to be finalized, Vonage said it expects to have added 166,000 net subscribers in the quarter ending March 31, bringing the provider to roughly 2.3 million subscribers.
Vonage’s ongoing patent dispute with Verizon took a volatile turn last Friday when a judge ordered the VoIP company to stop adding subscribers. Later the same day, a Federal Circuit Court granted Vonage an emergency stay of the ruling — allowing the firm to continue “business as usual.”