IlluMyFi

SAN ANTONIO, Jan. 12, 2024 (GLOBE NEWSWIRE) -- 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 Technology Rackspace 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 Statements Rackspace 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. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/46ac8e8c-01f5-4647-a0d1-8e2c8fd7f559

Sentiment

Bearish/Bullish

13.01.24 01:26

by markets.businessinsider.com

Falling stocks, recession, and historic debt: Here's the bear case for markets a...

By clicking "Sign Up", you accept our Terms of Service and Privacy Policy. You can opt-out at any time. Record-high S&P 500 year-end targets and soft-landing calls for 2024 suggest Wall Street is optimistic for what's to come. But market veterans caution the bear case is still alive. There's a chance the full effects Federal Reserve's restrictive policy haven't fully materialized yet, and experts say there are still plenty of hazards that could arise even as the central bank starts to think about cutting rates. Stubborn inflation, rising US debt, and a fatigued US consumer, among other factors, could tip the economy into a recession -- and hurt the stock market along the way. The latest inflation data, for starters, showed consumer prices unexpectedly moved higher in December to 3.4% year-over-year, above the prior month's 3.1%. That's muddled the outlook for Fed policy and tempered expectations for rate cuts as soon as March. "What's most important is that it's now very clear that a recession is not needed to bring inflation down to 2%, so any recession that occurs would be a mistake committed by the Fed," Morningstar chief economist Preston Caldwell told Business Insider. "And it would be a mistake that would be corrected quickly by rapid and deep rate cuts," he added. Should lagged rate-hiking effects indeed catch up to the economy, hiring would slow down, unemployment would rise, and consumption would ultimately decline, according to Allianz's senior investment strategist, Charlie Ripley. "The feedback loop to equity markets would be a decline in profit margins and lead to a decline in broad equity indices," Ripley told Business Insider. "In order for this to happen, we would have to see unemployment rise well above 4% and somewhere close to the 5% level." Historical data suggests stock market returns are mixed during a downturn. Of the 31 recessions that have struck the US since the Civil War, equities saw positive returns in about half of those instances. It's also worth noting that stock market returns have been highly concentrated in the Magnificent Seven mega-cap stocks in the last year, and a significant dip in those names could result in a strong move down for the broader market. Americans have effectively blown through all their savings from the pandemic, and a spending slowdown may already be underway. Credit card delinquencies are surging, people are saving less, and consumer confidence is tepid. Even retail hiring took a dip during the holidays, which suggests businesses are also turning cautious. "While the economy seems strong based on backward-looking data, it's quite fragile if the consumer pulls back," said Sal Naro, the chief investment officer of Coherence Credit Strategies. "That pullback would result in businesses reducing capital expenditures and employee headcount to limit profit margin deterioration, further exacerbating consumer spending weakness and creating a vicious downwards cycle." But it isn't just households. The government is racking u...