RingCentral Announces CEO Succession

2023-08-08 04:24

BELMONT, Calif.--(BUSINESS WIRE)--Aug 7, 2023--

BELMONT, Calif.--(BUSINESS WIRE)--Aug 7, 2023--

RingCentral, Inc. (NYSE: RNG), a leading provider of AI-powered global enterprise cloud communications, video meetings, collaboration, and contact center solutions, today announced that Tarek Robbiati, a member of the RingCentral Board of Directors since December 2022 and Chief Financial Officer and EVP of Finance and Strategy of Hewlett Packard Enterprise (NYSE: HPE), has been appointed as the Company’s Chief Executive Officer, effective August 28, 2023. Robbiati will remain a member of the Company’s Board.

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Photo of Tarek Robbiati, courtesy of RingCentral

Vlad Shmunis, the Company’s current Chief Executive Officer, will transition to the role of Executive Chairman with focus on driving the Company’s strategic product vision and innovation. Under Shmunis’ leadership, RingCentral has become a recognized industry leader in cloud communications, with more than $2.2 billion in annual revenues, 400,000 customers, 15,000 channel partners and approximately 4,000 full time employees.

Shmunis said, “When I founded RingCentral two decades ago, we were a tiny, unfunded startup with an ambitious mission to improve how businesses around the world communicate internally and with their customers. From those humble beginnings, we have become a recognized leader in our space and one of the largest pure-play SaaS companies in the world. My plan is to stay engaged in the Company, while dedicating most of my time to innovation, product development and long-term strategy. I am excited for the road ahead.”

Rob Theis, lead independent director of RingCentral, said, “Vlad has been the architect of RingCentral’s growth and innovation. The Company’s success has long been defined by its ability to keep its customers ahead of megatrends – mobility, broadband, cloud and now, AI – which is a direct result of Vlad’s visionary leadership.”

With nearly three decades of experience, Robbiati is a renowned strategic and financial operator known for his leadership roles within the telecom, media, technology and financial services industries. Since 2018, he has served as CFO and EVP of Finance and Strategy for Hewlett Packard Enterprise where he was instrumental in driving the pivot of the HPE portfolio to higher-growth, higher-margin areas, and as a result more than doubling ARR while growing free cash flow significantly. Prior to HPE, Robbiati was CFO at Sprint Corp. where he led the company’s strategic efforts to reposition the company. Prior to Sprint, he held numerous leadership positions, including CEO roles at publicly listed and private companies in Australia and Hong Kong.

Theis added, “Tarek is a proven senior business leader who knows our company well and shares our vision and values. His insights have been invaluable in our boardroom. Tarek has an outstanding track record, having successfully scaled businesses, while driving growth and profitability. As we planned for Vlad’s transition to the Executive Chairman role, it was critical that we find a CEO who could lead the next phase of our growth. We strongly believe Tarek is the right executive for this role.”

“The world and how we communicate is rapidly changing and this is an exciting time for RingCentral,” said Robbiati. “We are at the forefront of our industry, developing differentiated, cutting-edge solutions to meet the emerging needs of our customers. My focus will be on our customers and delivering operational excellence and sustainable, profitable growth. I am honored to take on the CEO role and deliver value to all our stakeholders.”

The Company also announced that Mo Katibeh, President and Chief Operating Officer, will be stepping down. Mo will remain a special advisor to the Company and will help with a smooth transition.

Shmunis concluded, “Mo has played a pivotal role building out our team, evolving our product roadmap, expanding our partner ecosystem, shaping our winning culture, and driving meaningful efficiencies in the business. I want to personally thank him for his outstanding work ethic and the many contributions he has made to our company, and wish him the best of luck moving forward.”

Q2 2023 Financial Results

In a separate press release issued today, RingCentral announced financial results for the second quarter ended June 30, 2023. The Company will host a conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) to discuss its quarterly financial results.

About RingCentral

RingCentral is a leading global provider of cloud-based business communications and collaboration solutions that seamlessly combine phone, messaging, video meetings, and contact center. RingCentral empowers customers with AI-powered conversation intelligence that unlocks insights from their interaction data to accelerate 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.

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, and changes to the Company’s leadership and governance structure and the timing and benefits thereof. 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20230807509102/en/

CONTACT: Investor Relations Contact:

Will Wong, RingCentral

650-450-4826

ir@ringcentral.comMedia Contact:

Mariana Leventis, RingCentral

650-562-6545

Mariana.Leventis@ringcentral.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: APPS/APPLICATIONS TECHNOLOGY VOIP TELECOMMUNICATIONS SOFTWARE ARTIFICIAL INTELLIGENCE INTERNET

SOURCE: RingCentral, Inc.

PUB: 08/07/2023 04:04 PM/DISC: 08/07/2023 04:02 PM