Rackspace has grappled with growing losses in recent years and is looking to sell off parts of the company.
in the last six years. Under a transition agreement between exiting CEO Kevin Jones and the company’s board, Jones will be given an extra year of compensation.
Jones also stands to pocket more than $1.16 million in restricted stock units, which will become available “if he complies with his restrictive covenants for 18 months following his termination.” All told, that could mean Jones, who is taking on the role of “operating advisor” with Apollo Global Management, could pocket more than $3 million.
Maletira, who was promoted as the company’s chief financial officer, is set to receive a base salary of $900,000. If the company meets certain performance targets, his compensation would catapult to more than $2.2 million.
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