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Rackspace Technology, Inc. (NASDAQ:RXT) disclosed Wednesday that director Shashank Samant has resigned from the company’s board, effective immediately. The announcement was made in a press release statement filed with the Securities and Exchange Commission.
According to the filing, Samant’s resignation was not the result of any dispute or disagreement with the company or its board regarding operations, policies, or practices.
Following Samant’s departure, the Rackspace board expects to decrease its number of directors from ten to nine, in accordance with the company’s certificate of incorporation, amended and restated bylaws, and investor rights agreements.
Rackspace Technology is headquartered in San Antonio, Texas, and its common stock is listed on the Nasdaq Stock Market under the ticker symbol RXT.
In other recent news, Rackspace Technology reported its second-quarter 2025 earnings, which showed a wider-than-expected loss per share but a slight revenue beat. The company posted an earnings per share of -$0.06, missing the forecasted -$0.04. Despite this, Rackspace’s revenue reached $666.3 million, surpassing expectations of $661.96 million. In addition to the earnings report, BMO Capital lowered its price target for Rackspace Technology to $1.40 from $1.75, while maintaining a Market Perform rating. The firm noted that Rackspace’s June quarter performance was solid against low expectations, highlighting an improvement in top-line trends. Specifically, there was a 3.2% year-over-year decline in constant currency, which was an improvement from the 3.7% decline in the previous quarter. These developments provide investors with important insights into Rackspace’s recent performance and future outlook according to analyst evaluations.
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