Vlad Shmunis Returns as RingCentral CEO
RingCentral Founder Vlad Shmunis has returned as its CEO four months after resigning from the post.
Tarek Robbiati left the role he only formally started on August 28 by mutual agreement, as of last Friday, December 3. RingCentral stated that Robbiati’s resignation isn't because of any “disagreement with the Company or the Board or any matter relating to the Company’s operations, policies, or practices”.
Shmunis said:
We have a world-class team, battle-proven technology, and a clear roadmap with a large and untapped market opportunity ahead of us. I am fully committed to RingCentral and am confident in our ability to drive sustainable, profitable growth moving forward that is rooted in our core values of trust, innovation, and partnerships.”
Shmunis had been RingCentral CEO since founding the company 25 years ago, and after leaving the post in the summer, had transitioned to the role of Executive Chairman with a remit of driving RingCentral’s strategic product vision and innovation. Shmunis will remain Executive Chairman of the Board.
The shock news of Robbiati’s resignation so soon after his joining saw RingCentral’s stock fall 6.5 percent on the news, despite Shmunis’s return.
Microsoft, OpenAI Relationship Probed by UK Competition Regulator
The UK’s Competition and Markets Authority (CMA) is probing Microsoft and OpenAI’s relationship.
The CMA has offered an Invitation to Comment to both tech companies, which is the first part of the CMA’s information-gathering initial review and is delivered prior to the launch of an official phase one investigation. The regulatory body is asking Microsoft, OpenAI, and any other relevant third party, whether “recent developments” have seen the partnership expand into a “relevant merger situation”.
"There have recently been a number of developments in the governance of OpenAI, some of which involved Microsoft," the CMA's statement wrote. "In light of these developments, the CMA is now issuing an ITC to determine whether the Microsoft/OpenAI partnership, including recent developments, has resulted in a relevant merger situation and, if so, the potential impact on competition."
Microsoft has invested around $13 billion in OpenAI over the past four years, but the CMA’s probe specifically comes off the back of last month’s OpenAI saga, in which its CEO Sam Altman was ousted by its board before being reinstated just four days later following intense pressure from both employees and investors, with Microsoft subsequently attaining a nonvoting board position.
As a result of these developments and the manner in which they unfolded, the CMA says it will "review whether the partnership has resulted in an acquisition of control".
