Sangoma Technologies, the Canadian-headquartered unified communications provider with significant UK operations, has announced that chief financial officer Larry Stock will retire from his role. Stock, who has been with the company for several years, will step down immediately. The board has appointed Adrian Back, currently the company’s vice president of finance, as interim CFO while a permanent successor is sought.
Stock’s departure marks the end of a tenure that saw Sangoma grow through a series of acquisitions, including the purchase of UK-based VoIP provider Star2Star in 2021. The company has since faced headwinds from slowing demand for cloud communication services and rising operational costs, prompting a restructuring programme announced earlier this year.
Adrian Back brings more than a decade of financial leadership within the technology sector, having joined Sangoma in 2020. He will oversee the finance function during the transition period. Sangoma’s board said it would conduct a thorough search for a permanent CFO, considering both internal and external candidates.
For UK investors and those holding Sangoma shares through pension funds, the leadership change introduces a degree of uncertainty at a time when the company is striving to return to profitability. The wider tech sector has been under pressure from higher interest rates, which have compressed valuations and made growth-stage companies more reliant on cost discipline.
Analysts at several North American brokerages have noted that Sangoma’s restructuring efforts are critical to restoring investor confidence. The appointment of an internal candidate as interim CFO suggests continuity in financial strategy, but the market will be watching for signs of a permanent appointment that could signal a shift in direction.
Source: Sangoma Technologies press release