Ribbon Communications (RBBN) Announces Departure of CEO Franklin Hobbs
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Ribbon Communications Inc. (Nasdaq: RBBN), a global software leader in secure and intelligent cloud communications, today announced the departure of its President and Chief Executive Officer, Franklin (Fritz) W. Hobbs, effective today. The Board has appointed Steven Bruny, Executive Vice President, Global Sales and Services, and Kevin Riley, Executive Vice President and Chief Technology Officer, as Interim Co-Presidents and Chief Executive Officers. Messrs. Bruny and Riley will assume Mr. Hobbs' duties while Ribbon's Board of Directors works with One Degree Partners, a leading global executive search firm, to recruit a new CEO for Ribbon.
"Fritz has served our company well over the last two years. He stepped up when we needed to integrate Sonus and GENBAND, very successfully completing the integration in all respects, delivering more than all of the planned synergies and dramatically improving the Company's profitability," said Dick Lynch, Chairman of the Board. "Additionally, he has been focused on strategic opportunities, culminating in the transformational merger with ECI Telecom Group Ltd that we announced today. The Board thanks Fritz for his successes on behalf of Ribbon."
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