Rackspace names Taylor Rhodes as new CEO, drops plans for a buyer

Rackspace has named Taylor Rhodes as chief executive officer. The company has also dropped plans to find a buyer.

Rhodes has served Rackspace in a variety of leadership positions since 2007, including several roles directly responsible for delivering Rackspace’s Fanatical Support to customers globally.

He retains his previous role as president and remains responsible for the company’s operations worldwide.

Rackspace co-founder, Graham Weston, who has served as CEO and chairman since February, now is non-executive chairman of the board.

Rackspace CEO Taylor Rhodes

In addition, Rackspace said it has discontinued its plans for looking for a buyer. In fact, the company did not any suitable options during the process.

Rackspace does not share additional details.

The company in a statement declared its commitment to remain independent under the leadership of Taylor Rhodes, who will lead and drive its managed cloud strategy.

“Based on Rackspace’s reaccelerated revenue growth and its potential trajectory for the coming year, the board concluded the company is best positioned to maximize shareholder value by executing its strategy as the #1 managed cloud company,” said Rackspace.

The company added more than $20 million of new revenue in a single quarter during the second quarter of 2014. This revenue growth is a record for Rackspace.

Earlier this year, Rackspace announced a renewed focus on increasing share in the managed cloud market.

Baburajan K
[email protected]

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