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RingCentral Appoints Sonalee Parekh as Chief Financial Officer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
RingCentral, Inc. (NYSE: RNG) has appointed Sonalee Parekh as Chief Financial Officer, effective May 31, 2022. Parekh brings over 25 years of experience from Hewlett Packard Enterprise, overseeing critical growth initiatives and corporate development. Concurrently, Mo Katibeh has been promoted to President, expanding his role to include human resources and corporate strategy. Both leaders aim to enhance RingCentral's operational capabilities and drive sustainable growth in the cloud communications sector.
Positive
Sonalee Parekh's extensive experience in communications technology and corporate development may lead to strong financial performance.
Mo Katibeh's promotion reflects confidence in his leadership abilities and focus on customer-centric strategies.
Negative
Transition to new leadership may pose risks regarding continuity in financial strategy and operational execution.
Mo Katibeh appointed as President and Chief Operating Officer
BELMONT, Calif.--(BUSINESS WIRE)--
RingCentral, Inc. (NYSE: RNG), a leading provider of global enterprise cloud communications, collaboration, video meetings, and contact center solutions, today announced that Sonalee Parekh has been appointed as RingCentral’s Chief Financial Officer and will join the Company in her new role by May 31, 2022. Parekh will be responsible for all the company’s financial functions, including financial planning, controllership, tax, treasury, corporate development and investor relations. The company also announced that Mo Katibeh, Chief Operating Officer, has been appointed as President of RingCentral, effective immediately.
Sonalee Parekh, courtesy of RingCentral
An experienced business leader, Parekh joins from Hewlett Packard Enterprise (HPE) where she served as CFO of the company’s Communications Technology group and led HPE’s Corporate Development and Investor Relations functions. She has more than 25 years of global capital markets and operational experience in the high growth Technology, Media and Telecommunications industries, both as an advisor and senior executive. At HPE, she oversaw critical growth initiatives, including the M&A strategy globally, with responsibility for mergers and acquisitions, strategic investments, business integration and performance management. Prior to working at HPE, Parekh held several senior leadership roles at global investment banks, including Barclays Capital and Goldman Sachs. She is a public accounting alumna of PwC, having worked at the firm in both Canada and the United Kingdom.
“We are delighted to welcome Sonalee to RingCentral as our Chief Financial Officer,” said Vlad Shmunis, RingCentral’s founder, chairman and CEO. “Her breadth of experience and leadership acumen make her a great addition to our senior leadership team. I am looking forward to working with her and seeing her impact across the business. I also want to thank Vaibhav Agarwal for his successful stewardship as interim CFO. I look forward to his continued contributions to our business as he works closely with Sonalee and the rest of our executive management team.”
“RingCentral is leading the way in helping companies accelerate the migration of their business communications to the cloud as the world embraces the new reality of hybrid work,” said Parekh. “I am excited to be joining RingCentral, an undisputed category leader at scale, and to leverage its unique platform to focus on sustainable growth and value creation.”
The appointment of Mo Katibeh as President expands his responsibilities to include the company’s human resources and corporate strategy functions alongside product, sales, marketing, and customer experience.
Shmunis added: “Mo has brought strong executive leadership to RingCentral and has had a meaningful impact since he joined the company. He brings a people-first, customer-first perspective that drives great results and is building the culture and systems needed to set us up for continued growth and expanded profitability at scale.”
“RingCentral is a proven industry leader with a large opportunity ahead,” said Katibeh. “We have invested in building a great team, great technology and an unrivalled partnership network, which allows us to drive durable and increasingly profitable growth. I couldn’t be more excited of the road ahead as we enable enterprises worldwide to transform their business communications to the cloud.”
About RingCentral
RingCentral, Inc. (NYSE: RNG) is a leading provider of business cloud communications and contact center solutions based on its powerful Message Video Phone™ (MVP®) global platform. More flexible and cost-effective than legacy on-premises PBX and video conferencing systems, RingCentral® empowers modern mobile and distributed workforces to communicate, collaborate, and connect via any mode, device, and device location. RingCentral offers three essential products in its portfolio, including RingCentral MVP™, a Unified Communications as a Service (UCaaS) platform including team messaging, video meetings, and cloud phone system; RingCentral Video®, the company's video meetings solution with team messaging that enables Smart Video Meetings™; and RingCentral Cloud Contact Center solutions. RingCentral's open platform integrates with leading third-party business applications and allows customers to customize business workflows easily. RingCentral is headquartered in Belmont, California, and has offices worldwide.
Who is the new Chief Financial Officer at RingCentral?
Sonalee Parekh has been appointed as Chief Financial Officer of RingCentral, effective May 31, 2022.
What role will Mo Katibeh take on after his recent promotion?
Mo Katibeh has been promoted to President of RingCentral, expanding his responsibilities to include human resources and corporate strategy.
What experience does Sonalee Parekh bring to RingCentral?
Sonalee Parekh brings over 25 years of experience in capital markets and operational leadership from her tenure at Hewlett Packard Enterprise and major investment banks.
What is the expected impact of the leadership changes at RingCentral?
The leadership changes are expected to enhance operational capabilities and drive sustainable growth within RingCentral's cloud communications business.
