Vik Verma, president and 8×8, announced last week that he would not return from the phone unified communications business. And the company is filed for Chapter 11 bankruptcy today under EGHT.
In a conference call with reporters, Verma said he needed the next year to focus on his health and family after being diagnosed with multiple Heart Defects present at Birth.
“That’s a whole different mindset that we have to gear towards, that when a patient gets admitted to the hospital, that’s a failure of the health care system, versus that’s what we want because that’s where we make money,” he said. “We need to design systems that take us from intervention to prevention, knowing we’ll always have interventions we need, but we can eliminate them (through) better eating habits, exercise, all the things we know help with health, but we really haven’t incorporated them and encouraged people to do them in a way that truly bends the health care curve.”
When it announced the layoffs in February the company said we are no good no more with phone, costs and property taxes, prompted its decision. He called the company’s capital structure unsustainable.
EGHT. shares were down 95% in early trading to 2 cents. Shares are down more than 82% this year. At its current market value of about $1 million, 8×8 is worth nothing to this day.
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