Consumer VoIP company Vonage Holdings Corp., which went public in May, announced on Friday the promotion of Timothy G. Smith to interim president of Vonage Network Inc. Vonage’s previous president, Louis Mamakos, now will serve solely as Vonage’s CTO.
In his new position, Smith will oversee all of Vonage’s network and systems operations globally and manage the Vonage Network staff.
Before joining Vonage in July 2005 as senior vice president of network and systems infrastructure, Smith worked in various management roles for technology companies and organizations including Sun Microsystems Inc., UUNET Technologies Inc. and Wayport Inc.
Vonage Holdings Corp., which went public in May, earlier this month acknowledged it was the target of two shareholder lawsuits. In a company statement, Vonage said the complaints contended it had omitted information concerning its customer-directed share program as well as product information, which was also believed to be misrepresented.
The company’s initial public offering, which was priced at $17 per share, fell by about 30 percent shortly after its debut. Earlier this month, The Wall Street Journal reported that New York Stock Exchange regulators were investigating whether short sales may have led to Vonage’s weak market debut.
Vonage Holdings Corp. www.vonage.com
