The recent change of CEO at Synchronoss Technologies created some uncertainty among investors, however things look like they are settling down and getting back on track. The cloud services company had started its next growth wave over the last couple years. As long as they continue with the current growth strategy during the search, there is no reason this growth wave will be impacted.
The company said in a press release, the CEO resignation is not tied to the company’s strategy, financial or business performance. And how they continue to develop innovative technology solutions for some of the worlds leading technology and telecommunications companies. The company confirmed it is maintaining its 2020 guidance on EBITDA of $20 million to $25 million.
Synchronoss CCO Jeff Miller is now also President and CEO
Short-term, the company should be able to continue on its current promising path while they find the next CEO.
Currently, Jeff Miller, their Chief Commercial Officer has also taken the responsibilities of President and CEO. Miller has worked closely with Glenn Lurie, the previous President and CEO of Synchronoss.
Lurie has been successful at turning Synchronoss around in recent years. I have followed him over the last few decades. As a CEO with a strong history at AT&T and AT&T Mobility, he was just what Synchronoss needed.
Miller knows what has been done to show growth in the last several years and he has strong relationships with their customers.
This means things should be stable going forward during the CEO search.
Several questions regarding Synchronoss CEO search
Long-term depends on who they select as their next permanent CEO and whether there will be a change in strategy and growth plans.
The next question is how long will the new CEO search take? Sooner is always better than later, however, as long as Jeff Miller stays on the current successful path, Synchronoss should remain strong during the search.
The big question is who the new CEO will be and what changes will they make? Will they stay on the same growth track, or will they make significant changes that will have to prove themselves out over time.
Synchronoss helps wireless carriers be more competitive
Synchronoss is a company that is important to wireless networks around the world, offering them ways to improve their competitive position in the marketplace. This helps them retain their customers for the long-term in a competitive industry.
So, there are questions on the road ahead that we don’t yet have the answers for. It all depends on who they choose as the next CEO and what changes, if any they will make.
At this point, I would think staying on track will calm the fears of investors, workers and customers. Changes always have to prove themselves.
Could Jeff Miller be next President and CEO of Synchronoss?
Bottom line, while Synchronoss is going through a change in leadership, I see Jeff Miller being quite capable of doing a great job keeping the company on course while the CEO search progresses.
Who knows, perhaps Miller will become the next permanent CEO. I think that would quickly make the marketplace feel less unsure about things.
The good news is Synchronoss has been on a solid growth curve in recent years under Lurie and that should continue going forward under Miller.
We’ll just have to keep our eyes open regarding who they select as their next CEO and what their plans and strategies will be moving forward. Stay tuned.