Holmdel, N.J.-based Vonage said Panero cited "the demands of his role at XM for his decision." The news comes as both Vonage and Washington, D.C., pay-radio shop XM have come under fire from shareholders for their poor performance.
"Hugh will be missed on the board, we wish him well and we thank him for his contributions," said Vonage founder Jeffrey Citron. Vonage said it won't replace Panero on the board.
Vonage also registered the convertible bonds it sold prior to its May initial public offering. Note holders may convert their bonds into common stock at a conversion price of $14.22. The note holders are subject to a lockup period that expires around Nov. 19, Vonage said.
Vonage fell 8 cents to $6.42 and XM slipped 22 cents to $11.21.