Originally posted on Gigaom:
Here’s an eye opener: Rackspace, which put itself on the market a few months back, is officially taking itself off and named current president Taylor Rhodes as CEO.
The company dropped the news Tuesday afternoon in a press release that said the company’s board and independent advisors had run through a series of scenarios including acquisition or share buybacks before ruling them out.
Graham Weston, company chairman, in the statement said:
In this process we talked to a diverse group of interested parties and entertained different proposals. None of these proposals were deemed to have as much value as the expected value of our standalone plan. We concluded that the company is best positioned to drive value for shareholders, customers and Rackers through the continued execution of its strategic plan to capitalize on the growing market opportunity for managed cloud services.
Rhodes, a sales exec with the San Antonio-based company…
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