June 30, 2006 10:02 AM PDT
Vonage shuffles management
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.