Vonage appoints Dell exec to replace CEO
Vonage (Nasdaq: VG) has appointed Dell Technologies’ Rory Read to CEO, following the departure of Alan Masarek (pictured) after six years with the company.
Read will also replace Masarek on the board of directors, with both positions effective 1 July.
In its most recent financial results, Vonage reported a 32% year on year increase in business service revenues and a 50% increase in API platform revenues. At the time Masarek credited the results to the move to Vonage’s own technology across the core UCaaS, CCaaS and CPaaS products and investment in product innovation, platform enhancement and go-to-market efforts to further drive revenue growth in high-value APIs.
Announcing his departure, Masarek said: “Transformations of this magnitude are enormously challenging, and we achieved our objective of reinventing the company and becoming a global leader in business communications while building a truly talent-driven culture. I am honoured to have worked with so many talented colleagues.”
With more than 30 years of global experience, Read has held several senior positions at Dell and its subsidiaries, including chief operating executive of Dell Technologies in 2016; president and CEO of Virtustream, a Dell Technologies business; and EVP of SaaS integration platform leader Dell Boomi.
He also worked as chief integration officer, leading the US$67 billion merger of Dell and EMC Corporation to create Dell Technologies.
Jeffrey Citron, chairman of the Vonage board of directors, said: "Rory is a technology industry veteran with a unique background and strong understanding of SaaS and software. He is a proven leader and the ideal CEO to drive Vonage into its next era of growth. With the support of our experienced Board, I know Rory will be able to leverage his significant expertise to further transform the business and position the company to create substantial shareholder value. We look forward to embarking on this exciting new chapter together."
Thanking Masarek for his contributions, he added: "Under Alan's leadership, Vonage transformed from a consumer service provider to a leading business communications provider operating under a unified, flexible integrated platform. We are grateful for Alan's vision and leadership in propelling the Company forward and laying the foundation for our future growth and success. We would especially like to thank Alan for his leadership in taking the necessary and prudent steps to ensure the well-being of our employees and to position Vonage to successfully navigate the COVID-19 crisis. We wish him all the best."