Sonus announced Tuesday that Ahmed, who stepped down as CEO earlier this year after a lucrative 2007, "retired as a director and Chairman" on December 11. (See Ex-Moto CTO Tabbed to Run Sonus and Sonus Bonus.)
The company says it "expects to elect a new Chairman in the near future."
During his tenure at Sonus the company endured a series of financial mishaps while building up a strong position in the IP voice equipment sector. See:
- Sonus Boasts VOIP Leadership
- Sonus Opens Options Probe
- Sonus Chief: Come Fly With Me!
- Sonus Promises, Promises
- Nasdaq to Delist Sonus
- Sonus Soothes Numbers Nerves
- Sonus Drops a Bomb
- Sonus Culls Staff
- Sonus CTO Departing
- Slowdown Crunches Sonus
- Sonus Slumps on Slower Growth Outlook
- Investor Letter Takes Swipe at Sonus
- Another Sonus VP Splits
Pai commands an annual salary of $275,000 and "is eligible for an 'on target bonus' of 50% of his annual base salary subject to the achievement of specific objectives," according to an SEC filing. [Ed note: But does he get Ahmed's parking space?]
Pai, who joined from Web video systems specialist Veveo Inc. , has previously held executive positions at Lucent, Motorola Inc. (NYSE: MOT), and AT&T Inc. (NYSE: T).
Sonus's share price closed Monday at $1.44.
— Ray Le Maistre, International News Editor, Light Reading