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RingCentral announces Return of Vlad Shmunis as CEO

Reiterates Fourth Quarter and Full Year 2023 Guidance

RingCentral, Inc. (NYSE: RNG), a leading provider of AI-first global enterprise cloud communications, video, webinars, hybrid events, and contact center solutions, today announced that Tarek Robbiati and RingCentral mutually agreed that Robbiati would separate from the company and resign from the Board of Directors, effective December 8, 2023. Robbiati’s resignation is not a result of any disagreement with the Company or the Board, or any matter relating to the Company’s operations, policies, or practices. Vlad Shmunis, RingCentral’s founder and Executive Chairman of the Board, has returned to his full-time role as Chief Executive Officer. Shmunis will remain Chairman of the Board.

Rob Theis, Lead Independent Director of RingCentral, said, “RingCentral’s strategic product vision and operations are closely linked, and we determined it is best to have one leader with oversight for all aspects of the organization. As RingCentral’s founder and long-term CEO, Vlad has overseen the Company’s growth from inception to a leading SaaS provider with over $2.2 billion in revenue. We are confident that he will be effective in his return as CEO and will continue delivering for all our stakeholders. We appreciate Tarek’s contributions and wish him well.”

“We are at a tremendous inflection point in our industry and it is critical that our product and innovation strategy drives all that we do and is closely aligned with how we go to market,” Shmunis said. “We have a world-class team, battle-proven technology, and a clear roadmap with a large and untapped market opportunity ahead of us. I am fully committed to RingCentral and am confident in our ability to drive sustainable, profitable growth moving forward that is rooted in our core values of trust, innovation, and partnerships.”

Robbiati said, “I have the utmost respect for the RingCentral team. I wish the company and its people the very best. RingCentral has tremendous products and I believe the Company will continue to deliver for its customers and shareholders.”

Reiterates Fourth Quarter and Full Year 2023 Guidance

RingCentral reiterated its previously issued fourth quarter and full year 2023 guidance range on revenue, non-GAAP operating margin and adjusted, unlevered free cash flow, as previously issued on November 6, 2023.

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