RingCentral Announces Return of Vlad Shmunis as CEO
December 11 2023 - 8:00AM
Business Wire
Reiterates Fourth Quarter and Full Year 2023
Guidance
RingCentral, Inc. (NYSE: RNG), a leading provider of AI-first
global enterprise cloud communications, video, webinars, hybrid
events, and contact center solutions, today announced that Tarek
Robbiati and RingCentral mutually agreed that Robbiati would
separate from the company and resign from the Board of Directors,
effective December 8, 2023. Robbiati’s resignation is not a result
of any disagreement with the Company or the Board, or any matter
relating to the Company’s operations, policies, or practices. Vlad
Shmunis, RingCentral’s founder and Executive Chairman of the Board,
has returned to his full-time role as Chief Executive Officer.
Shmunis will remain Chairman of the Board.
Rob Theis, Lead Independent Director of RingCentral, said,
“RingCentral’s strategic product vision and operations are closely
linked, and we determined it is best to have one leader with
oversight for all aspects of the organization. As RingCentral’s
founder and long-term CEO, Vlad has overseen the Company’s growth
from inception to a leading SaaS provider with over $2.2 billion in
revenue. We are confident that he will be effective in his return
as CEO and will continue delivering for all our stakeholders. We
appreciate Tarek’s contributions and wish him well.”
“We are at a tremendous inflection point in our industry and it
is critical that our product and innovation strategy drives all
that we do and is closely aligned with how we go to market,”
Shmunis said. “We have a world-class team, battle-proven
technology, and a clear roadmap with a large and untapped market
opportunity ahead of us. I am fully committed to RingCentral and am
confident in our ability to drive sustainable, profitable growth
moving forward that is rooted in our core values of trust,
innovation, and partnerships.”
Robbiati said, “I have the utmost respect for the RingCentral
team. I wish the company and its people the very best. RingCentral
has tremendous products and I believe the Company will continue to
deliver for its customers and shareholders.”
Reiterates Fourth Quarter and Full Year 2023 Guidance
RingCentral reiterated its previously issued fourth quarter and
full year 2023 guidance range on revenue, non-GAAP operating margin
and adjusted, unlevered free cash flow, as previously issued on
November 6, 2023.
About RingCentral
RingCentral is a leading global provider of AI-first cloud-based
business communications and collaboration that seamlessly combines
phone system, messaging, video, webinars and hybrid events, and
contact center. RingCentral empowers businesses with conversation
intelligence, and unlocks rich customer and employee interactions
to provide insights and improved business outcomes. With decades of
expertise in reliable and secure cloud communications, RingCentral
has earned the trust of millions of customers and thousands of
partners worldwide. Visit ringcentral.com to learn more.
©2023 RingCentral, Inc. All rights reserved. RingCentral,
RingSense, RingCX, RingCentral Events, and the RingCentral logo are
trademarks of RingCentral, Inc.
Forward-Looking Statements
This press release contains “forward-looking statements,”
including but not limited to, statements regarding our business
plans, initiatives, objectives and outlook, our ability to execute
on such plans, initiatives and objectives successfully and in a
timely manner, changes to the Company’s leadership and governance
structure and the timing and benefits thereof and our future
financial results, including our GAAP and non-GAAP guidance.
Forward-looking statements are subject to known and unknown risks
and uncertainties, and are based on assumptions that may prove to
be incorrect, which could cause actual results to differ materially
from those expected or implied by the forward-looking statements.
Among the important factors that could cause actual results to
differ materially from those in any forward-looking statements are
the risks and uncertainties included under the captions “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” in our most recent Form 10-Q
filed with the Securities and Exchange Commission, and in other
filings we make with the Securities and Exchange Commission from
time to time.
All forward-looking statements in this press release are based
on information available to RingCentral as of the date hereof, and
we undertake no obligation to update these forward-looking
statements, to review or confirm analysts’ expectations, or to
provide interim reports or updates.
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version on businesswire.com: https://www.businesswire.com/news/home/20231211482515/en/
Investor Relations Contact: Will Wong, RingCentral
650-450-4826 ir@ringcentral.com
Media Contact: Jennifer Caukin, RingCentral 650-561-6348
jennifer.caukin@ringcentral.com
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