Founder takes over Vonage in big shift

Jeffrey Citron, the controversial founder of Vonage Holdings Corp., reassumed leadership of the embattled Internet-phone company on Thursday and unveiled sharp cost cuts as the carrier sought to limit damage from a legal spat with Verizon Communications Inc.

Vonage said Mitch Snyder, the former chief executive, resigned late Wednesday and that Citron would take over on an interim basis. The company also unveiled what several financial analysts called disappointing first-quarter results.

Citron immediately announced plans to cut marketing costs by $110 million in 2007, to $310 million. Vonage also said it would reduce other expenses by $30 million annually.

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- Posted: 2007-04-12 09:51:28

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