By Michael Calia
Vonage Holdings Corp. on Monday said Chief Executive Marc Lefar plans to retire once the company finds a successor.
The search for a new CEO is expected to close by the end of the year, Vonage said. Mr. Lefar will participate in the process, the company added.
"During the past six years, I have been privileged to work with an exceptional team and a highly engaged, supportive board. Together, we completed a comprehensive financial, operational and strategic turnaround," Mr. Lefar said.
The Holmdel, N.J.-based Vonage--which traditionally sells its voice-over-internet-protocol and other services to household customers---has pushed to expand its business clientele.
Last year, it bought Atlanta's Vocalocity, a VOIP company serving small- and medium-size businesses, for $130 million in cash and stock.
Shares of Vonage were inactive premarket. The stock had risen 24% so far this year through Friday's close.
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