Breaking news: Vonage CEO steps down

Word has come down that Vonage CEO Michael Snyder is stepping down. Specific reasons were not given, though the company has been beleaguered pretty much from the day it went public last year. Chairman Jeffrey Citron will take the reigns while a permanent CEO is found. In phone call with analysts this morning, Citron said that Vonage would turn its attention to cutting its marketing expense, which stands at $275 per new customer acquired. That's actually $31 better than it had been in the previous quarter.

For more on the Snyder's departure:
- check out Vonage's press release