Rackspace CEO Taylor Rhodes resigns
SAN ANTONIO - Rackspace Hosting Inc. CEO Taylor Rhodes announced his resignation effective May 16 from the San Antonio-based cloud computing company.
On Wednesday, Rhodes announced his resignation on his blog titled “Why I’m Leaving Rackspace” and that he's going to become the CEO of a smaller private company in another city that doesn't compete with Rackspace.
"I’ll be able to talk more specifically about it in a couple of weeks, but for now let me just say that it’s about the size Rackspace was when I started here 10 years ago — and it’s growing about as rapidly," Rhodes said in his blog. "It’s using cloud technologies to disrupt what has been a very low-tech industry. The company is going through growing pains and needs a CEO who has been through those challenges before."
Rhodes announced that Rackspace president Jeff Cotten will be the Interim CEO, while the board launches a search for a new CEO.
"In each of his roles, Jeff has inspired his teams to succeed. He commands deep respect throughout Rackspace," he said in his blog. "I leave with confidence that he and a new generation of Rackspace leaders will bring fresh eyes to the company’s challenges and opportunities."
In Aug. 2016, Rackspace was sold to New York private equity firm Apollo Global Management LLC for $4.3 billion.