Vonage Holdings Corp. (VG) Chief Executive Officer Marc Lefar plans to retire, ending a six-year tenure in which he restored the digital-phone provider to profitability.
Lefar, 50, will remain at the company while he helps it look for a successor, Holmdel, New Jersey-based Vonage said today in a statement. The search process should conclude by the end of this year, the company said.
Under Lefar, Vonage expanded outside the U.S. and into new services such as international mobile-phone calls. While revenue has fallen each year since 2009, the company has reported three straight years of profit.
“He charted a new course for the company, delivering strong financial results and dramatic operational improvements,” Chairman Jeffrey Citron said of Lefar. “Strategically, he has guided our transition from the domestic home phone replacement market into higher growth segments and geographies.”
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