RingCentral, the cloud-based telecommunications provider, saw a significant drop in its share price after founder Vlad Shmunis announced his decision to step down as CEO. However, he will continue to be involved with the company as executive chairman, focusing primarily on innovation, product development, and long-term strategy.

The Board of Directors at RingCentral has appointed Tarek Robbiati, who previously served as the CFO of Hewlett Packard Enterprise (HPE), as the new CEO. Robbiati has been a member of the RingCentral board since December 2022 and brings valuable experience from his previous role as CFO of Sprint.

In addition to CEO changes, RingCentral also announced the departure of President and COO Mo Katibeh, who will transition to a special advisor role. Katibeh joined the company in January 2022, bringing with him a wealth of experience from his previous positions as Chief Product Officer and Chief Marketing Officer for AT&T Business.

On top of these leadership changes, RingCentral released its financial results for the June quarter. The company achieved revenue of $539 million, surpassing its guidance range of $535 million to $537 million, with subscription revenue reaching $514 million. Non-GAAP profits stood at 83 cents per share, exceeding the Wall Street consensus forecast of 75 cents.

Looking ahead, RingCentral reiterated its full-year revenue guidance of $2.187 billion to $2.205 billion and revised its non-GAAP earnings per share forecast to a range of $3.11 to $3.25. This adjustment reflects higher-than-expected interest expenses.

Despite the positive financial results, RingCentral's shares tumbled by 11% in after-hours trading.

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