Tarek Robbiati to Assume CEO Role; Vlad Shmunis
to Become Executive Chairman
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.
©2023 RingCentral, Inc. All rights reserved. RingCentral,
RingCentral MVP, 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, 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/
Investor Relations Contact: Will Wong, RingCentral
650-450-4826 ir@ringcentral.com
Media Contact: Mariana Leventis, RingCentral 650-562-6545
Mariana.Leventis@ringcentral.com
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