Vonage CEO Michael Snyder resigned Thursday as the troubled Internet phone company reported weak preliminary first-quarter results and announced a restructuring plan that includes an unspecified number of jobs cuts.Chairman and founder Jeffrey A. Citron will act as interim chief executive as the company seeks a replacement for Snyder, who joined Vonage in advance of last year's initial public offering of stock, a debacle for investors.
The sudden management change and disappointing first-quarter update follow a month of legal setbacks in which Vonage was found guilty of infringing on patents held by Verizon Communications Inc.
Despite the unsettling developments, a late morning bounce boosted Vonage's battered share price by 13 percent.
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