has appointed a former
executive to head up the broadband phone company.
Marc Lefar has been named chief executive officer of Vonage, replacing interim CEO Jeffrey Citron, who assumed the role in April 2007. Lefar previously held the chief marketing officer position with Cingular Wireless and was part of the company's integration with AT&T Wireless. Citron will assume the role of non-executive chairman and will serve as a consultant on long-term strategy.
"The Board believes he will bring a fresh perspective to addressing the opportunities and challenges ahead and will help the company to realize future growth and profitability," Citron said in a statement.
Lefar also has held positions at Verizon Wireless --- the joint venture between Verizon and
-- as well as GTE Wireless and
Procter & Gamble
"Moving forward, we will continue to improve the customer experience from end to end," Lefar said in a statement. "A friendly user experience combined with meaningful, intuitive features will accelerate growth and improve loyalty."
Shares of Vonage finished Tuesday's session lower by 2.7%, but were up more than 6% in late trading to $1.50. Still, Vonage shares are 35% lower on the year. Rivals AT&T,
were little changed in the after-hours session.
Last week, Vonage announced that it will raise up to $215 million in a private debt refinancing. The company is expected to use those proceeds along with some cash on hand to repay its existing debt which could come due in December.