Bridgewater-based cloud services company Synchronoss Technologies tapped a new chief executive officer on Monday, following the abrupt departure that same day of CEO and President Glenn Lurie over “allegations of personal misconduct.”
The Monday statement does not delve into the nature of this conduct, only that it violated the company’s policies. Synchronoss maintained that Lurie’s “resignation is not related to the company’s strategy, financial or business performance.”
Jeff Miller, who came on board in 2018, was named by Synchronoss’ board of directors as an interim president and CEO, as well as its chief commercial officer.
“We anticipate a smooth leadership transition as we commence a robust search process for the company’s next CEO,” Board Chair Stephen Waldis wrote in a statement. “The board and I look forward to working with Jeff.”
Miller assured that operations at Synchronoss would effectively be business as usual, and that the company was on track to bring in up to $25 million over 2020.
“I welcome the opportunity to work closely with the board and our management team to drive enhanced performance throughout our organization, capitalize on strategic opportunities in the telecom and digital spaces and help position Synchronoss for our next stage of growth,” he said in a statement.
Michael Walkley, a Wall Street analyst at investment banking firm Canaccord Genuity, reiterated that he was optimistic about the movement of the company, even though its stocks fell 7 percent at the closing bell on Monday.
“We believe Jeff Miller has strong customer relationships and Synchronoss has a strong team to execute on its strategies. Our positive investment thesis is based on the ongoing transformation with management delivering profitable growth through recently signed tier-1 deals,” he said in a note to investors.
