Rackspace Technology® (NASDAQ: RXT), a leading cloud
technology solutions company, today announced the appointment of
Amar Maletira as Chief Executive Officer. Mr. Maletira, who has
served as Rackspace Technology’s President and Chief Financial
Officer since November 2020, has assumed responsibilities effective
immediately.
David Sambur, Co-Head of Private Equity at Apollo Global
Management and Chairman of the Rackspace Technology Board of
Directors, stated, “Amar brings broad management and leadership
experience, and over the course of his career, he has helped
transform several multi-billion-dollar technology businesses. He
has also been instrumental in crafting Rackspace Technology’s new
strategic direction and operating model. We believe his appointment
as CEO will allow us to improve and accelerate the execution of our
new go-forward strategy.”
Mr. Maletira added, “I thank the Board for the opportunity to
lead Rackspace Technology. I am very excited about the journey
ahead and look forward to leading the company as we transition to
our new strategy and operating model. Powered by our strong Racker
culture and devotion to driving Fanatical Experience® for our
customers, we believe the execution of our strategy will establish
the company as an industry leader.”
Mr. Maletira is a customer-focused global business leader with
25+ years of strategic and operational management, transformational
leadership, sales, business development, and general management
expertise. Prior to joining Rackspace Technology, he was Chief
Financial Officer at Viavi Solutions. At Viavi, he executed a
successful turnaround of the company by driving execution
discipline, growing the business both organically and
inorganically, re-aligning the capital structure and regaining
investor confidence. Previously, he was at Hewlett-Packard for 15
years where he held several roles, including CFO of Enterprise
Services for Americas.
Mr. Maletira earned an MBA from the University of Michigan, The
Ross School of Business and a Bachelor of Engineering from
Karnataka University, Gogte Institute of Technology.
In addition to the CEO role, Mr. Maletira will continue as the
CFO until a permanent CFO is named. The company will launch an
immediate search for a permanent CFO.
Outgoing CEO Kevin Jones will take on the role of operating
advisor with Apollo. Mr. Sambur added, “On behalf of the entire
board of directors, I would like to thank Kevin for his service to
Rackspace Technology over the past three and a half years. We look
forward to working with him in his new role.”
Separately, the company announced that it expects third quarter
2022 financial results to be within the previously announced
guidance range of $769-$779 million for revenue; $733-$741 million
for Core revenue; $73-$77 million for Non-GAAP Operating Profit;
and 8-10 cents per share for Non-GAAP Earnings Per Share. Financial
results for the quarter are expected to be announced in
November.
Conference Call and WebcastRackspace Technology
will hold a brief investor conference call today, September 26,
2022, at 8:00am CT / 9:00am ET. There will be no question and
answer session during the call.
Interested parties may access the conference call as
follows:
Topic: Investor Call - Sep 2022
Please click the link below to join the webinar:
https://rackspace.zoom.us/j/97863742323?pwd=R0tteXE2TVVNVmxtOE1VMHlTaE03UT09
Password: 421357
Or iPhone one-tap (US Toll):
+13462487799,97863742323# or +16694449171,97863742323#
Or Telephone:
+61 (0) 2 8015 2088 (Australia Toll)
+49 (0) 30 3080 6188 (Germany Toll)
+852 5808 6088 (Hong Kong Toll)
+52 554 161 4288 (Mexico Toll)
+31 (0) 20 241 0288 (Netherlands Toll)
+41 (0) 31 528 0988 (Switzerland Toll)
+44 (0) 20 3695 0088 (United Kingdom
Toll)
+1 647 374 4685 (Canada)
+1 408 638 0968 (US Toll)
+1 646 558 8656 (US Toll)
Webinar ID: 978 6374 2323
International numbers
available: https://rackspace.zoom.us/u/acwvdeXQd9
About Rackspace Technology
Rackspace Technology is a leading end-to-end multicloud
technology services company. We design, build and operate our
customers’ cloud environments across all major technology
platforms, irrespective of technology stack or deployment model. We
partner with our customers at every stage of their cloud journey,
enabling them to modernize applications, build new products and
adopt innovative technologies.
Forward-looking Statements
Rackspace Technology has made statements in this press release
and other reports, filings, and other public written and verbal
announcements that are forward-looking and therefore subject to
risks and uncertainties. All statements, other than statements of
historical fact, included in this document are, or could be,
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and are made in reliance
on the safe harbor protections provided thereunder. These
forward-looking statements relate to anticipated financial
performance, management’s plans and objectives for future
operations, business prospects, outcome of regulatory proceedings,
market conditions, our ability to successfully respond to the
challenges posed by the COVID-19 pandemic, and other matters. Any
forward-looking statement made in this presentation speaks only as
of the date on which it is made. We undertake no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future developments or otherwise.
Forward-looking statements can be identified by various words such
as “expects,” “intends,” “will,” “anticipates,” “believes,”
“confident,” “continue,” “propose,” “seeks,” “could,” “may,”
“should,” “estimates,” “forecasts,” “might,” “goals,” “objectives,”
“targets,” “planned,” “projects,” and similar expressions. These
forward-looking statements are based on management’s current
beliefs and assumptions and on information currently available to
management. Rackspace Technology cautions that these statements are
subject to risks and uncertainties, many of which are outside of
our control, and could cause future events or results to be
materially different from those stated or implied in this document,
including among others, risk factors that are described in
Rackspace Technology, Inc.’s Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K, and other
filings with the Securities and Exchange Commission, including the
sections entitled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations”
contained therein.
Non-GAAP Financial Measures
Definitions of non-GAAP financial measures, as well as
reconciliations of our recent non-GAAP results to the most directly
comparable measures in accordance with generally accept-ed
accounting principles in the United States (“GAAP”) are provided on
our website at ir.rackspace.com. Rackspace Technology has not
reconciled Non-GAAP Operating Profit and Non-GAAP Earnings Per
Share guidance to the most directly comparable GAAP measure
be-cause it does not provide guidance on GAAP net income (loss) or
the reconciling items be-tween these Non-GAAP measures and GAAP net
income (loss) as a result of the uncertainty regarding, and the
potential variability of, certain of these items, such as
share-based compensation expense. Accordingly, a reconciliation of
the non-GAAP financial measure guidance to the corresponding GAAP
measure is not available without unreasonable effort. With respect
to Non-GAAP Operating Profit and Non-GAAP Earnings Per Share
guidance, adjustments in future periods are generally expected to
be similar to the kinds of charges and costs excluded from these
Non-GAAP measures in prior periods, but the impact of such
adjustments could be significant.
Investor Relations ContactRobert
WatsonRackspace Technology Investor Relationsir@rackspace.com
Media Relations ContactCasey ShillingRackspace
Technology Corporate
Communicationspublicrelations@rackspace.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/68d23f94-219d-424c-994a-57dea4391a01
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