Vonage Holdings Corp. CEO Marc Lefar will retire by the end of this year after his successor has been found.
The Vonage board will begin a formal search for Lefar's successor, and he will participate in the selection process. Vonage will consider both internal and external candidates.
"During the past six years, I have been privileged to work with an exceptional team and a highly engaged, supportive board. Together, we completed a comprehensive financial, operational and strategic turnaround. Today, the company is financially stronger than ever and is making good progress against its growth initiatives," Lefar said. "As a result of our progress, and after consideration about the long-term needs of the company as well as my personal goals, it became clear that now is the right time to select a new leader to help write the next chapter of the Vonage story. I am committed to leading our efforts as the board searches for a new chief executive."
Chairman Jeffrey Citron said Lefar has done a lot for the company, including guiding its transition from the domestic home phone replacement market to newer services and platforms.
"Under Marc's leadership, Vonage has enjoyed five consecutive years of profitability and four consecutive years of positive free cash flow, allowing the company to invest for growth while delivering significant value to shareholders," Citron continued. "We are grateful for the work Marc has done, and look forward to continuing to work with him as we conduct our search for his successor. We appreciate Marc's involvement in the process to ensure a seamless leadership transition."