Vonage Taps Marketer To Be CEO

Citron Assumes Non-Executive Chairman, Consultant Roles

By Todd Spangler -- Multichannel News, 7/29/2008 2:53:00 PM

Internet phone provider Vonage appointed former Cingular Wireless chief marketing officer Marc Lefar to be CEO, replacing interim CEO Jeffrey Citron.

Citron, who took over as chief executive in April 2007 after the resignation of CEO Michael Snyder, will assume the role of non-executive chairman and serve as a consultant on long-term strategy.

Lefar spent four years as head of marketing for Cingular Wireless (now AT&T Mobility). Prior to that he was executive vice president of marketing and value-added services at Cable & Wireless Global, and also worked for Verizon Wireless and GTE Wireless.

Separately, Vonage last week said it entered into a commitment letter to raise up to $215 million in a private debt refinancing. The company will use those proceeds along with some cash on hand to repay its existing debt which could come due Dec. 16, 2008.

 "We believe this arrangement will eliminate much of the uncertainty surrounding our financial prospects and demonstrates our commitment to enhancing the long-term value of our business," Citron said in a statement.