Major changes are afoot at VoIP communications specialist magicJack VocalTec (NASDAQ: CALL), with the company announcing a leadership succession, and draping a "for sale" sign over its business.
The new CEO is Don Carlos Bell, an executive with years of experience in the VoIP communications field. Among his other high-level roles, he served as a director of TeleCommunication Systems, occupying that position during its sale to Comtech Telecommunications. Earlier in his career, he worked at Goldman Sachs.
Bell replaces Gerald Vento, who will remain at magicJack VocalTec as a member of its board of directors.
Additionally, magicJack VocalTec appointed three other top managers. Thomas Fuller, currently the company's executive vice president, finance, will become CFO in May. Meanwhile, Dvir Salomon has been named the new CTO, and Kristin Beischel becomes the company's chief marketing officer.
"We've commenced a strategic alternatives process to maximize value for public shareholders," Bell revealed in the press release announcing the C-suite appointments. "We have received multiple unsolicited offers which are at varying stages of diligence and financing commitment."
"We continue to evaluate and engage in discussions with the potential buyers who approached us and we will proactively seek out additional financial and strategic buyers," he added. A special committee comprised of independent magicJack VocalTec directors has been formed to assist with the process.
Bell also said that the company will execute a "pivot," shifting its focus from the consumer segment to the small office/home office segment.
The moves come on the heels of requests from a pair of activist investors with stakes in magicJack VocalTec -- Kanen Wealth Management and Carnegie Technologies Holdings -- to enact changes at the company.
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Eric Volkman has no position in any stocks mentioned.