Rackspace CEO Taylor Rhodes resigns
President Jeff Cotten to serve as interim CEO
SAN ANTONIO – Rackspace CEO Taylor Rhodes announced on Wednesday that he will leave the company he's led for 10 years.
"This morning, I announced to my fellow Rackers the toughest decision I’ve ever had to make. I’m leaving the company that I love, where I’ve worked for the past decade and made lifelong friends, and where it’s been my honor to serve as CEO," Rhodes said in the company's blog.
Rackspace president Jeff Cotten will serve as interim CEO while the board searches for a permanent replacement, which Cotten is considered by Rhodes to be a strong candidate.
Rhodes leaves the company eight months after it was sold to New York private equity firm Apollo Global Management, LLC for $4.3 billion.
He said he's proud to have led the cloud services company.
"I know I’m leaving the company in good hands, with Jeff as its new leader and a strong bench of leaders around him," Rhodes said. "I leave with confidence that he and a new generation of Rackspace leaders will bring fresh eyes to the company’s challenges and opportunities."
Rhodes said he plans to become CEO of a smaller private company in another city that will not compete with Rackspace. He said he will reveal more details about his next move in two weeks.
"I’ll miss Rackspace and the Rackers I love, and my family and I will miss San Antonio," he said. "But we plan to stay in touch with the great friends we’ve made here. We’ll always be fans of the city and the Spurs and Rackspace. And we’ll be watching and applauding all three from afar."
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