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Rackspace says not to sell itself; shares fall

Reuters

(Reuters) - Cloud management services provider Rackspace Hosting Inc (RAX.N) said it would not sell itself, sending its shares down 16.5 percent in after-market trading.

The company also named President Taylor Rhodes as chief executive, replacing Graham Weston, who co-founded Rackspace. Weston will become non-executive chairman.

Rackspace, which has been facing competition from companies such as Amazon.com Inc (AMZN.O) and Google Inc (GOOGL.O), started a strategic alternatives review in May after it received buyout interests from multiple parties.

Rackspace shares closed at $39.34 on Tuesday on the New York Stock Exchange.

(Reporting by Anya George Tharakan in Bangalore; Editing by Don Sebastian)