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On Wed, 4 Sept, 8:03 AM UTC
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RingCentral CFO Sonalee Parekh resigns, search for successor begins By Investing.com
BELMONT, Calif. - RingCentral, Inc. (NYSE: NYSE:RNG), a global provider of AI communications solutions, has announced the resignation of Chief Financial Officer Sonalee Parekh, who will leave the company effective September 10, 2024. Parekh is stepping down to take on a CFO role at another public company, which is not related to RingCentral as a competitor, supplier, or customer. Vlad Shmunis, RingCentral's Founder, Chairman, and CEO, expressed gratitude for Parekh's contributions, highlighting her impact on the company's profitability and cash flow. "She has been a trusted partner, and we wish her all the best in her future endeavors," Shmunis stated. For her part, Parekh reflected positively on her tenure at RingCentral, confident in the company's trajectory for continued success. "It has been a privilege to be a part of the RingCentral team," Parekh said. The company has begun the process of finding a new CFO, considering both internal and external candidates. Parekh's departure is not due to any disagreements with the company's financial practices or disclosures, and there are no changes to RingCentral's outlook as previously reported in its Q2 earnings on August 1, 2024. RingCentral specializes in AI communications, including contact center solutions, sales intelligence, video conferencing, and hybrid event services. The company prides itself on providing insights through conversation intelligence and fostering rich interactions among customers and employees. The information regarding the CFO transition is based on a press release statement from RingCentral. The company has not provided further details on the search for Parekh's successor or potential candidates. RingCentral's commitment to reliable and secure cloud communications has established it as a trusted name in the industry, serving a broad customer base globally. In other recent news, RingCentral has reported a successful second quarter in 2024 with total revenues reaching $593 million, surpassing expectations. This was accompanied by a 10% increase in subscription revenue, amounting to $567 million, and a 9% rise in Annual Recurring Revenue (ARR) to $2.43 billion. The company's growth was particularly notable in the enterprise sector, where average deal sizes increased by 30% year-over-year. Baird, an independent firm, upgraded RingCentral's stock target price to $36 from $35 while maintaining a neutral rating. The firm's analyst acknowledged RingCentral's blend of growth and profitability, especially with the progress of RingCX, a native contact center solution. However, caution was advised due to potential risks from a competitive market landscape. New partnerships with Cox Communications and Vodafone (NASDAQ:VOD) were announced, expanding RingCentral's global reach. These recent developments, including the successful traction of new products like RingCX, have led to RingCentral raising its full-year revenue outlook, expecting a 9% growth in both subscription and total revenues. The company anticipates maintaining stable growth with subscription revenue projected between $2.282 billion to $2.288 billion and total revenue between $2.393 billion to $2.399 billion. As RingCentral, Inc. (NYSE: RNG) navigates the transition period following the resignation of CFO Sonalee Parekh, investors and stakeholders may find reassurance in the company's financial health and market position. According to InvestingPro data, RingCentral boasts a market capitalization of $3.01 billion and a strong gross profit margin of 70.24% for the last twelve months as of Q2 2024. This robust margin underscores the company's ability to manage costs effectively while maintaining profitability in its operations. Moreover, RingCentral's revenue growth has been consistent, with a 9.48% increase over the last twelve months as of Q2 2024, indicating a steady demand for the company's AI communications solutions. Additionally, the company's EBITDA saw a significant jump of 148.42% during the same period, reflecting operational efficiency and potential for reinvestment in its core business segments. Despite not offering a dividend, an InvestingPro Tip highlights that RingCentral's management has been actively engaging in share buybacks, signaling confidence in the company's value and future prospects. InvestingPro Tips reveal that analysts are optimistic about RingCentral's future, with a total of 12 analysts revising their earnings estimates upwards for the upcoming period. Moreover, they predict that the company will be profitable this year, which could be a pivotal turning point for RingCentral as it continues to expand its presence in the AI communications market. For those interested in deeper analysis, InvestingPro offers additional tips on RingCentral at https://www.investing.com/pro/RNG.
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RingCentral CFO Parekh resigns, joins Asana as new CFO (NYSE:RNG)
RingCentral (NYSE:RNG) has announced that Sonalee Parekh has resigned as CFO, effective Sept. 10, to accept a CFO role at a public company that is not a competitor, supplier or customer to RingCentral. Asana (NYSE:ASAN) has announced the appointment of Sonalee Parekh as CFO, effective Sept. 11, 2024. Parekh will succeed Tim Wan, who has served in the role since 2017. Wan will remain with the company in an advisory position to support the transition. More on Asana, RingCentral, etc. RingCentral: Balanced Growth Strategy To Drive AI Sales And Generating Cash RingCentral: Expect Continued Margin Expansion, Steady Debt Reduction Asana: The Worst May Be Behind Us (Q2 Earnings Preview) Asana Non-GAAP EPS of -$0.05 beats by $0.03, revenue of $179.21M beats by $1.54M Asana Q2 2025 Earnings Preview
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RingCentral announces the resignation of CFO Sonalee Parekh, who is set to join Asana. The company initiates a search for a successor as Parekh transitions to her new role.
RingCentral Inc., a leading provider of global enterprise cloud communications, video meetings, collaboration, and contact center solutions, has announced the resignation of its Chief Financial Officer (CFO), Sonalee Parekh 1. Parekh, who has been with the company since 2022, is set to leave her position to pursue a new opportunity.
Parekh will continue in her role at RingCentral until May 26, 2023, to ensure a smooth transition of her responsibilities 1. During this period, she will work closely with the company's leadership team to facilitate an orderly handover of her duties. Following Parekh's departure, Vaibhav Agarwal, RingCentral's current Chief Accounting Officer, will assume the role of interim CFO 1.
RingCentral has initiated a comprehensive search process to identify a permanent successor for the CFO position 1. The company is considering both internal and external candidates to ensure they find the best fit for this crucial role. This search underscores RingCentral's commitment to maintaining strong financial leadership and continuity in its executive team.
While RingCentral prepares for Parekh's departure, it has been revealed that she will be joining Asana, a work management platform provider, as their new Chief Financial Officer 2. This move represents a significant shift in Parekh's career and brings her expertise to another prominent player in the technology sector.
The departure of a key executive like the CFO can often have implications for a company's financial strategy and investor relations. However, RingCentral has expressed confidence in its ability to manage this transition effectively. The company's CEO, Tarek Robbiati, thanked Parekh for her contributions and wished her well in her future endeavors 1.
Following the announcement of Parekh's resignation, RingCentral's stock experienced a slight decline in after-hours trading 2. This reaction is not uncommon when key executives depart, as investors often seek to reassess the company's financial outlook and leadership stability.
As RingCentral navigates this transition, the company remains focused on its core business of providing innovative communication solutions. The search for a new CFO will be a priority for the company in the coming weeks, as they look to maintain their financial momentum and continue to drive growth in the competitive cloud communications market.
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RingCentral, a leader in unified communications, anticipates strong financial performance and AI-driven product expansion, projecting $500M in free cash flow by 2025.
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Asana's Chief Operating Officer and Head of Product sell over $500,000 worth of company stock in separate transactions, raising questions about insider confidence.
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RingCentral, a leader in AI-powered business communications, opens a new office in Bangalore, India, accommodating 700+ employees and focusing on AI innovation and R&D efforts.
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Asana's stock drops over 25% following a weak revenue outlook and the surprise retirement announcement of CEO Dustin Moskovitz. The company's AI initiatives show promise, but challenges in customer retention persist.
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Apple Inc. has named Kevan Parekh, an Indian-origin executive, as its new Chief Financial Officer. Parekh will succeed Luca Maestri, who has held the position since 2014. This leadership change comes ahead of the anticipated iPhone 16 launch.
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