The CEO of the cloud-based communications company Vonage will retire by the end of the year.
Marc Lefar, 50, has been with Vonage for six years.
"After consideration about the long-term needs of the company as well as my personal goals, it became clear that now is the right time to select a new leader to help write the next chapter of the Vonage story," said Lefar.
The company board has initiated a search for its new chief executive, and Lefar will assist. Both internal and external candidates are being considered, the company said.
In November, the Holmdel, N.J., company bought fellow cloud-based communications company Vocalocity Inc. for $130 million in order to boost its presence in the in the small- and medium-sized business market.
Shares of Vonage Holdings Corp. fell 2 cents to $4.11 at the opening bell.