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Vonage CEO Masarek Steps Down, Dell Exec Takes on Role
9 Jun, 2020
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Masarek has reshaped the company into a real contender for enterprise UCaaS, CPaaS, and CCaaS business, and now he bows out as the company heads into a new growth phase.
by Zeus Kerravala,
nojitter Cloud communications provider Vonage this week announced that CEO Alan Masarek is stepping down and exiting the board, to be replaced in those roles by Rory Read, who joins the company from Dell. Most recently, Read served as Dell’s chief operating executive as well as CEO and president of the Virtustream business unit. In his years at Dell, he also has been EVP of Boomi, a SaaS integration platform, and chief integration officer, leading the historic and massive merger between Dell and Masarek’s tenure at Vonage should be viewed as nothing less than a smashing success. When he joined Vonage in November 2014, the company had almost no business revenue and was best known for the long-running “woo-hoo-woo-hoo-hoo” jingle that drove its consumer business. With stock trading at around $3.50 per share and revenue at about $850 million, Vonage was on the fast track to nowhere. Today, the share price is $10.59 and revenue is in the $1.2 billion range, with sales to business customers accounting for the majority of Turning around a company, particularly one with a brand that’s so well known as a consumer one, isn’t easy and can’t be done overnight. Think of Masarek’s work as a well-written play with the following acts.
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