SAN ANTONIO — Rackspace Technology Inc. has named Bobby Molu to be its next chief financial officer.
Maletira has been holding both the CFO and CEO roles.
“As we continue the transformation of Rackspace Technology, I am thrilled to welcome Bobby to the company,” Maletira said in a statement. “Bobby’s global experience and a career spanning two decades in numerous financial leadership roles in the technology industry combined with his strong operational background will be key as we execute our strategy and new operating model.”
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Molu’s experience in the tech industry includes New York-based Mastercard, where he oversees Europe, Asia-Pacific, Middle East, Africa, Latin America and Caribbean markets. Earlier, he was CFO for Mastercard’s Asia Pacific region. Before joining Mastercard, Molu spent 15 years at Hewlett-Packard in a variety of finance roles. Prior to Hewlett-Packard, he worked in finance roles at IBM Global Services.
He’ll begin at Rackspace on Jan. 16.
Maletira was named to the top spot at Rackspace in September to push ahead a plan to reorganize the company’s operations into separate business units providing private and public clouds. He said this month that Rackspace was making “good progress” on the realignment set to roll out Jan. 1.
Public clouds are subscription services shared with customers over the internet. A private cloud is a service controlled by one business or organization.
In its third-quarter earnings report this month, Rackspace said it was making progress toward the goals as it increased revenue for a 12th-straight quarter even as its net loss widened. Both measures exceeded the company’s guidance and Wall Street’s expectations.
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It also forecast that fourth-quarter revenue would reach $772 million to $782 million, roughly in line with analysts’ expectations.
Still, the loss it reported was the latest in a long string; its last profitable quarter was early in 2019.
Maletira also announced the hiring of Shashank Samant as lead director of its board of directors. Samant, who has been on the company’s board since October 2021, will also be an adviser to Apollo Global Management, which is the company’s largest shareholder.
Jones, who’d held the top position at Rackspace since April 2019, moved into a position with Apollo.
Rackspace, founded in 1998, first entered the public market as a website hosting company a decade later before losing a majority of its market value to heavyweight Amazon.
In 2016, Apollo took the company private in a $4.3 billion deal. Rackspace shifted its business model to begin working with the tech giants to help its customers move their data to private and public clouds. Between 2017 and 2019, Rackspace spent $1.7 billion to acquire four businesses. Apollo took it back to the stock market with a second initial public offering in 2020.
Rackspace’s performance as a public company has since floundered.
Beyond the reorganization and executive shake-ups, Rackspace last month announced that it was leaving its longtime headquarters in a former mall in Windcrest and downsizing to smaller digs.
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It’s putting its 1.2 million-square-foot building and other property in Windcrest up for sale and downsizing to between 75,000 and 90,000 square feet of office space near Stone Oak. The move comes amid a pandemic-era shift to hybrid and remote work that’s reducing many companies’ need for office space.
As Rackspace’s newest addition, Molu said in a statement Thursday that he was “delighted to be joining the pre-eminent leader in multicloud solutions and working with Amar and the leadership team to accelerate the journey of delivering profitable revenue growth.”
The company, he said, is “poised to execute its go-forward strategy and seize the multicloud market opportunity.”
eric.killelea@express-news.net