AI

Rackspace Technology promotes Mark Marino to CFO

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.

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