Rackspace CEO Retires
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Cloud hosting vendor Rackspace reported its fourth quarter and full-year fiscal 2013 results late Monday as CEO Lanham Napier announced his retirement from the company.
Rackspace reported fourth quarter revenue of $408 million, which represents a 16 percent year-over-year gain. Net income was reported at $21 million for the quarter, for a 30 percent year-over-year decline. For the full year, revenue came in at $1.5 billion. Looking forward, Rackspace provided first quarter 2014 guidance for revenue to grow between 2 and 3.5 percent. For the full year, Rackspace expects revenue growth to range between 15 and 18 percent.
With things looking up for Rackspace, CEO Lanham Napier is now retiring.
"I'm proud that we were able to end 2013 on a strong note, especially because today I'm announcing that I'm retiring from my role as CEO of Rackspace," Napier said during his company's earnings call. "The truth is there's no perfect time for a transition like this one, but I believe now is as good a time as many, and there are a number of reasons why."