Former CEO Vik Verma will assist the transition in an advisory role after leading the company for seven years—through both a product and business model transformation—and building an over $500 million SaaS business, adding more than $1.5 billion in market capitalisation. Jaswinder Pal Singh will become the company’s chairman of the board. Singh replaces former chairman Bryan Martin, who will continue to serve on the 8x8 board. Vik Verma has retired from the board of directors.
Jaswinder Pal Singh, 8x8 chairman of the board, said, “We're thrilled to have Dave take the helm at 8x8 and are excited about our future. I’d also like to thank Vik Verma, on behalf of the board of directors, our 1,700 plus team members and thousands of dedicated resellers, and recognise the incredible contributions and leadership role he has played over the past seven years to get us to this point.”
Sipes added, “I am looking forward to leading 8x8. It’s one of a select SaaS businesses to reach half a billion dollars in revenue with a strong and expanding customer base. The cloud and work-from-home are transforming business communications for every employee and customer touchpoint, and have become a critical focal point for building competitive advantage for businesses today.”
The company has also reaffirmed its guidance for the third quarter of fiscal 2021 ending December 31, 2020 and the full-year fiscal 2021 ending March 31,2021. That guidance was previously provided in October.