Rackspace appoints chief financial officer amid executive shuffle

Rackspace appoints chief financial officer amid executive shuffle

SAN ANTONIO — Rackspace Technology Inc. has named Bobby Molu as chief financial officer.

Maletira has served as CFO and CEO.

“As we continue the transformation of Rackspace Technology, I am delighted to welcome Bobby to the company,” Maletira said in a statement. “Bobby’s global experience and a two-decade career in numerous finance leadership roles in the technology industry, combined with his strong operational background, will be critical in delivering our strategy and new business model. exploitation.”

On ExpressNews.com: Rackspace appoints new CEO, effective immediately. This decision comes within the framework of a reorganization of the company

Molu’s experience in the technology industry includes New York-based Mastercard, where he oversees the Europe, Asia-Pacific, Middle East, Africa, Latin America markets. and the Caribbean. Previously, he was Chief Financial Officer of the Asia-Pacific region of Mastercard. Prior to joining Mastercard, Molu spent 15 years at Hewlett-Packard in various finance roles. Prior to Hewlett-Packard, he held finance positions at IBM Global Services.

It will start at Rackspace on January 16th.

Maletira was named to Rackspace’s top spot in September to advance a plan to reorganize the company’s operations into separate business units providing private and public clouds. He said this month that Rackspace is making “good progress” on the realignment, which is expected to roll out on January 1.

Public clouds are subscription services shared with customers over the Internet. A private cloud is a service controlled by a business or organization.

In its third-quarter earnings report this month, Rackspace said it was making progress on targets by increasing revenue for a 12th straight quarter even as its net loss widened. Both metrics beat company forecasts and Wall Street expectations.

On ExpressNews.com: ‘Confident in our strategy’: Rackspace CEO is optimistic about the success of the company’s reorganization

It also forecast fourth-quarter revenue of $772 million to $782 million, roughly in line with analysts’ expectations.

Still, the reported loss was the latest in a long line; its last profitable quarter dates back to the beginning of 2019.

Maletira also announced the hiring of Shashank Samant as a senior director on its board. Samant, who has served on the company’s board since October 2021, will also advise Apollo Global Management, which is the company’s largest shareholder.

Jones, who had served in the executive role at Rackspace since April 2019, took a role at Apollo.

Rackspace, founded in 1998, first entered the public market as a website hosting company a decade later before losing the majority of its market value to juggernaut Amazon.

In 2016, Apollo took the company private in a $4.3 billion deal. Rackspace changed its business model to start working with tech giants to help its customers move their data to private and public clouds. Between 2017 and 2019, Rackspace spent $1.7 billion acquiring four companies. Apollo brought it back public with a second initial public offering in 2020.

Rackspace’s performance as a public company has since deteriorated.

Beyond the reorganization and management shakeups, Rackspace announced last month that it was leaving its longtime headquarters in a former shopping center in Windcrest and downsizing to smaller digs.

On ExpressNews.com: Rackspace moves from longtime Windcrest headquarters to new offices in North San Antonio

It is listing its 1.2 million square foot building and other properties in Windcrest and downsizing to between 75,000 and 90,000 square feet of office space near Stone Oak. The move comes amid a pandemic-era transition to hybrid and remote working that is reducing many companies’ need for office space.

As Rackspace’s newest addition, Molu said in a statement Thursday that it was “excited to join the preeminent leader in multicloud solutions and to work with Amar and the management team to accelerate the journey to profitable growth in income”.

The company, he said, is “on the verge of executing its strategy for the future and seizing the opportunity of the multicloud market.”


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