Former AT&T (NYSE: T) Chief Marketing Officer Marc Lefar has been named as the new CEO of struggling Voip phone provider Vonage, replacing interim CEO Jeff Citron who will remain as non-executive chairman. This comes a week after the news that that Silver Point Finance would provide up to $215 million in private debt financing to Vonage. Though some of the short term financing challenges have been solved, the company still faces tough competition from cable companies and telcos, and even other online voice startups. During Citron’s tenure, Vonage has dealt with a flurry of legal threats, settling patent litigation with several major operators. More details in release.
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