Rackspace Technology Promotes Mark Marino to Chief Financial Officer
January 12 2024 - 8:30AM
Rackspace Technology® (NASDAQ: RXT), a leading end-to-end, hybrid
multicloud technology solutions company, today announced the
appointment of Mark Marino as Chief Financial Officer (CFO),
effective immediately. Marino previously served as the Company’s
Chief Accounting Officer and succeeds Naushaza “Bobby” Molu. Molu
resigned his position to pursue a new opportunity in the UK, where
he resides. He will remain with Rackspace Technology in an advisory
role through late February to ensure a seamless transition.
“I am delighted to welcome Mark as our CFO,”
said Amar Maletira, Chief Executive Officer. “Having worked with
Mark since I joined Rackspace, I have witnessed firsthand what a
strong asset he is to our company. Mark’s comprehensive
understanding of the business and extensive financial leadership
experience will continue to be instrumental as we strengthen
our position in an attractive and growing hybrid multicloud and AI
market. I look forward to collaborating with Mark as we continue to
execute on our strategy and deliver value to our shareholders.”
Marino joined Rackspace Technology as Vice
President, Americas CFO in 2020 and was promoted to Chief
Accounting Officer in late 2021. Prior to joining the company,
Marino served as Vice President of Finance for Acelity, a leading
global medical technology company acquired by 3M, from 2015 to
2020. Prior to Acelity, Marino was Vice President, Finance at
iHeartMedia and head of Corporate FP&A at SunEdison, Inc. He
began his career at General Electric as a graduate of the Financial
Management Program (FMP) and spent nearly 10 years there in a
variety of key financial leadership roles across manufacturing,
supply chain, business development, FP&A and as Segment CFO for
GE Aviation. Marino holds a BA from DePauw University and an MBA
from Baylor University.
“It is a privilege to move into the role of CFO
at this exciting time for Rackspace Technology,” said Marino. “We
have made significant progress on our transformation, having fully
implemented a new operating model over the past year, unveiled
innovative AI capabilities and rolled out unique, tailored
solutions for customers across our Private Cloud and Public Cloud
businesses. I look forward to working more closely with Amar and
the leadership team to execute on our strategy and continuing to
drive operating efficiency and profitable growth.”
"The Board and management team would like to
thank Bobby for his leadership over the past year,” added Maletira.
“I am personally grateful for his partnership and contributions,
and we wish him the best in his future endeavors.”
Molu’s resignation is not the result of any
dispute or disagreement with the Company or the Board on any matter
relating to the operations, policies, or practices of the
Company.
Outlook
Concurrently with the foregoing announcement,
Rackspace Technology reaffirms its financial guidance for the
fourth quarter 2023, as provided in a press release issued on
November 7, 2023.
About Rackspace
TechnologyRackspace Technology is a leading end-to-end,
hybrid multicloud technology services company. We can 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
StatementsRackspace 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, 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.
IR ContactSagar
Hebbarir@rackspace.com
PR ContactNatalie
Silvapublicrelations@rackspace.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/46ac8e8c-01f5-4647-a0d1-8e2c8fd7f559
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