Rackspace, the Texas-based cloud services company, just announced that CEO Lanham Napier will retire from the company and leave its board of directors. Chairman Graham Weston, a co-founder, was tapped to replace him. The announcement coincided with an earnings report that was in line with analysts’ expectations. Rackspace shares fell by more than 12 percent after the news was announced, dropping to $35.31 in after-hours trading after closing at $40.36 during the regular session.
This article originally appeared on Recode.net.