Vonage said Wednesday it plans to raise up to $250 million in an initial public offering and that the Internet phone upstart is replacing its chief executive Jeffrey Citron with a veteran of home security firm ADT.

The Holmdel, New Jersey-based firm said Mr. Citron will turn over his role to Mike Snyder, a former ADT president. Mr. Citron, who has had legal troubles but owns a huge stake in the company, will become chairman and chief strategist.

Read the complete story here. (Red Herring)