Avaya CEO Alan Masarek To Retire With Chair Patrick Dennis Stepping Up
Avaya has announced that its CEO, Alan Masarek, will retire, and the current Chair of the Board of Directors, Patrick Dennis, will assume the role.
Former Vonage CEO Masarek is stepping down almost precisely two years after he first took up the role on August 1, 2022. He came out of retirement to oversee Avaya’s recovery process following its financial difficulties during its cloud transition. Avaya described his eight-quarter stewardship of the business as a “successful transformation”. Masarek ” set Avaya’s ongoing strategic plan for innovation and growth, and firmly positioning the company as a leader in Enterprise CX”.
“Two years ago, I came out of retirement to help lead Avaya forward, knowing that the company’s opportunity was extremely profound: terrific technology underpinning an enormous customer base, a massive ecosystem of partners, a large revenue base, and an iconic technology brand,” Masarek said.
Working closely with Avaya’s executive leadership team, the Board, our employees, customers and partners has been an immeasurably rewarding experience, and I’m proud of what we have all accomplished together to put Avaya on a strong and steady course for further success. And, while there is certainly more to do, Avaya’s new position of strength combined with Patrick’s unique ability to lead the company creates an opportunity for me to return to retirement.”
Masarek will retire by the end of the calendar year, while Dennis will formally begin his new role on September 1, 2024.
Ericsson Announces $1.1Bn Writedown After Weak Vonage Forecast
Ericsson has announced it will book a $1.1 billion writedown following a weak outlook for its Vonage business.
Ericsson, which acquired Vonage in July 2022 for $6.2 billion, reported it would record a non-cash impairment charge of $1.1 billion (SEK 11.4 billion) in Q2 of 2024. The company says the charge primarily reflects “lower anticipated market growth rates in Vonage’s current portfolio”.
"Given deterioration in the market environment and elective decisions we have made to refocus our investments in strategically prioritised areas, we have reassessed certain growth assumptions, resulting in a non-cash impairment of SEK 11.4 billion," said Niklas Heuveldop, Head of Business Area Global Communications Platform and CEO of Vonage.
Neuveldop, who was named Vonage CEO in January, confirmed the net income impact after tax will be SEK 11.4 billion and reported in its Enterprise segment.
This represents the second writedown on its Vonage acquisition after Ericsson booked a $3 billion impairment last October.
Zoom Launches Workflow Automation to Reduce Mundane Tasks
Zoom has launched Workflow Automation, a no-code tool designed to enhance efficiency and reduce the time spent on routine tasks.
