Vonage shuffles management

Internet telephony provider Vonage is continuing to shuffle its top brass. On Friday it announced Timothy G. Smith has been promoted to the role of president. Vonage Chief Technology Officer Louis Mamakos, who also served as president, will now solely hold the title of CTO. Smith, who joined Vonage in 2005 after stints at Sun Microsystems and UUNet, was senior vice president of network and systems infrastructure.

Back in February, Michael Snyder, formerly the president of Tyco International subsidiary ADT Security Services, came onboard as chief executive officer in preparation for the company's initial public offering. Snyder replaced Vonage co-founder Jeffrey Citron, who had been CEO since its inception. Citron now serves as chairman of the board of directors and chief strategist. Vonage recently experienced a disappointing debut on the New York Stock Exchange, its value dropping by nearly half. The company is also mired in investor lawsuits. Investigators are looking into an investor stock short-selling, and a large competitor is suing the company for allegedly infringing on its patents.