8×8 has appointed Kevin Kraus as its new permanent Chief Financial Officer.
Kraus had served as 8×8’s interim CFO since November, replacing Samuel Wilson in the role after Wilson was promoted to interim CEO following the departure of Dave Sipes. Before that position, Kraus was 8×8’s Senior Vice President of Finance under Wilson, responsible for financial planning, analysis, and procurement functions.
Kraus commented on his promotion:
I’m incredibly excited to continue leading the finance and accounting organization for 8×8 as Chief Financial Officer. We have a clear vision and a strong commitment to innovation and customer success. I look forward to contributing to the company’s continued growth and helping it achieve its strategic goals.”
Kraus is credited as bringing extensive financial expertise and an impressive track record in strategic growth to CFO, illustrating a pedigree in building successful and sustainable businesses. Kraus will oversee 8×8’s global finance and accounting organizations.
Kraus joined 8×8 in 2019 but was formerly Vice President of Finance for Imperva, a cybersecurity software company, and Senior Director of Finance for Gigamon, a network visibility and traffic monitoring technology business. Kraus’s remit at these businesses encompassed financial planning and analysis, procurement, facilities management, SEC reporting and investor relations, sales compensation operations, and M&A integration.
“Kevin’s promotion to the CFO role is well deserved, and his experience driving both operational efficiency and profitable growth makes him a perfect fit for the role,” Wilson added. “His strategic insight, coupled with his deep financial acumen, will be invaluable as we continue to evolve our business.”
As with 8×8’s announcement confirming Wilson as its new CEO last week, the vendor has stated its ambition to expand its integrated Contact Center and XCaaS platform under Wilson and Kraus’s stewardship. Among its other projects are investments in “building its ecosystem of innovative technology and service partners to expand the portfolio of AI/ML solutions available on the XCaaS platform”.
Samuel Wilson Appointed Permanent CEO Last Week
Kraus’s appointment swiftly followed Wilson’s own confirmation as CEO, with Kraus’s predecessor as permanent CFO having served as interim CEO since November.
Wilson stepped up to the role after 8×8 terminated the contract of then-CEO Dave Sipes with immediate effect. He performed the CEO duties while 8×8 progressed through a candidate search following Sipes’ departure. Wilson was also appointed to 8×8’s Board of Directors.
“I am honoured and thrilled to accept the role of CEO at 8×8,” Wilson said last week. “We have an exceptional team, a remarkable product portfolio, and a relentless focus on innovation, mixed with a commitment to exceptional customer service. I am excited about the opportunity to lead 8×8 into its next chapter, driving growth and delivering unparalleled value to our customers around the world.”
As CFO, 8×8 praised Wilson for playing a crucial role in spearheading operational efficiency and strategic initiatives, including reducing generally accepted accounting principles (GAAP) net losses, a return to non-GAAP profitability, the acquisition of Fuze, and more substantial investment in innovation.
As well as his track record as CFO, knowledge of the growth and expense drivers of the business, and 25 years of executive experience in the technology sector, 8×8 has stated that Wilson’s success as interim CEO was a decisive factor in his appointment.
A 2023 of Change and Innovation for 8×8
8×8 ended the financial year 2023 with a strong fourth quarter, with revenue growing two percent to $184.5 million. The vendor’s $250 million acquisition of Fuze started paying off, with $26.9 million of the total quarterly revenue and $111.3 million of revenue for the financial year. Their healthy financial position ensured 8×8 could continue paying off its debts, reward its shareholders, and invest money into technological innovations.
In March, 8×8 revealed it had integrated AI across its products — including OpenAI’s Whisper model — throughout its XCaaS (eXperience Communications as a Service) platform. 8×8’s Intelligent Customer Assistant, Supervisor Workspace and 8×8 Contact Centre were also enhanced with AI/ML natural language tools.
There have been several compelling partnerships that 8×8 has established. The University of Worcester deployed 8×8 XCaaS and 8×8 Voice for Microsoft Teams to help with its clearing process. 8×8 also revealed a partnership with Welsh Water in May, leveraging 8×8’s CPaaS service to offer the drinking water supplier with an advanced video communications solution.
The news of Kraus’s appointment as CFO arrives a week after 8×8’s stock price surged following an investor disclosing significant stakes in both 8×8 and RingCentral, with filings seeking business combination discussions with management. Both filings, by investment fund Sylebra, were posted the previous Friday, 26th May. Following their postings, RingCentral and 8×8’s stocks grew by roughly 18 percent and 13 percent, respectively.
This development followed a murmur about a RingCentral acquisition of 8×8 last year after an unnamed Investing.com source told the financial news website that RingCentral had approached 8×8 about a potential takeover.
At the time of publication, however, deal rumours and share price hikes are based on inferences around the connection between Sylebra’s two filings. There was no mention of 8×8 in Sylebra’s RingCentral filing and vice versa, and it is currently unconfirmed whether a merger or acquisition is Sylebra’s intention.
