SAN ANTONIO - Rackspace CEO Taylor Rhodes announced he is leaving the company on Rackspace's blog Wednesday, saying this is the "toughest decision he's ever had to make."

Rhodes said Jeff Cotten, the current Rackspace president, will step up as interim CEO.

The statement reads, in part:

"I’m proud to have led Rackspace through a hinge in its history, as we seized the leadership of the young and fast-growing market for managed cloud services, and as we went private under the ownership of Apollo Global Management and its partners. We recently reported strong fourth-quarter results to our bond and debt holders. And 2017 is shaping up to be even stronger, as we’re exceeding almost all of the financial targets we established with Apollo and our board.

I know I’m leaving the company in good hands, with Jeff as its new leader, and a strong bench of leaders around him."

Rhodes said he is going to become the CEO of a "smaller private company" that is reportedly based in another city and would not compete with Rackspace. He did not offer further details Wednesday.

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He also said the new opportunity would provide a "reinvigorating change" and offer more time with family.

As KENS 5 reported, Rackspace was sold for $4.3 billion in 2016, making it privately owned by Apollo Global Management.