Bye-bye, Mike. Vonage CEO Michael Snyder “resigned from the board effective Thursday, and Chairman Jeffrey Citron will be interim CEO until the company finds a replacement,” according to CNNMoney. Vonage will “reduce its general administrative expenses by $30 million through the rest of 2007 by cutting its workforce and consolidating operations.
It plans to reduce marketing expenses by $110 million.” The move comes following a judgment that Vonage had been infringing patents owned by Verizon.
Verizon has great lawyers. —MEGHANN MARCO