Rhodes to become CEO of another company.
The CEO of Rackspace Taylor Rhodes has announced that he is leaving the company.
The move comes just six months after the company was acquired for $4.3bn and brings to an end a just shy of three years stint as the boss of the cloud services company and a decade at the company in total.
Jeff Cotten, the company’s president, will step is as interim CEO and he may well end up becoming the permanent CEO as Rhodes said that the board considers him to be a strong candidate.
Rhodes made the decision to leave after feeling that he had taken the company as far as he could, given his particular strengths and skills.
Rhodes said: “I’m proud to have led Rackspace through a hinge in its history, as we seized the leadership of the young and fast-growing market for managed cloud services, and as we went private under the ownership of Apollo Global Management and its partners.
“We recently reported strong fourth-quarter results to our bond and debt holders. And 2017 is shaping up to be even stronger, as we’re exceeding almost all of the financial targets we established with Apollo and our board.”
Rhodes isn’t stepping away from the tech industry but will instead become the CEO of another company in a different city, that he says does not compete with Rackspace.
“This opportunity fits my strengths and skills, and I think it will provide a reinvigorating change. This new job, at a smaller company, will also give me more control over my schedule and more time with my kids before the two oldest, who are now in high school, leave home for college,” said the former CEO.