CEO of Rackspace Cloud Hosting Company to Retire After 8 Years in the Top Slot

CEO of Rackspace Cloud Hosting Company to Retire After 8 Years in the Top Slot

CEO of Rackspace Cloud Hosting Company to Retire After 8 Years in the Top Slot

The Rackspace cloud hosting company is shifting its focus after discouraging financial results in fiscal year 2013. Former CEO will take over the charge of the top position.

GREATRESPONDER.COM – This was announced by the Rackspace cloud hosting company on Monday, Feb 10, 2014 that the chief executive officer CEO of the company Mr. Lanham Napier is retiring from its position. In the official statement of the company, it was further informed that the new CEO of the company would be Graham Weston, who is the existing chairman of the company. It was also informed in the statement that Mr. Weston would be interim CEO till the new successor of the Napier is selected by the board of the directors later this year.

This is very important to note that Graham Weston was CEO of the company during 1999 to 2006 and he handed over the charge to Napier, who led the organization in the top slot for about a little less than 8 years. The financial results for the fourth quarter are not encouraging for the company and the share of this cloud hosting leader failed to more than 13 percent in recent days, although the revenue of the company has increased during the past fiscal year.

It has also been anticipated that the OpenStack leader cloud hosting company is shifting its business portfolio to development of cloud software platforms. Although, the company reiterated that it will continue its private cloud business and cloud storage service for enterprises.

In his statement, the chairman and new CEO of the company said, “We’ll continue to build our capability in the software, build more software that helps our hybrid cloud operate better – we’re going to continue to run more and more private clouds for companies on-premise”. It was also informed that the outgoing CEO would work as the consultant for the company to help smooth transition of the company to the new domain of the cloud hosting and cloud computing services.

While talking about the permanent CEO of the company, the statement pointed out that the company HR team is search of a suitable guy to lead the company on a permanent basis. The new CEO would be found out very soon with the consultation of the board of directors.

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