EarthLink exec in charge of $1.1bn merger named Rackspace CFO
Matt Bates, who has served as interim CFO, has been appointed to a new role as chief transformation officer.
Former EarthLink CFO Louis M. Alterman has been appointed CFO and EVP of cloud services provider Rackspace as the company continues to grow its market share.
The executive has been tasked with driving Rackspace’s financial and investment strategies to accelerate growth and profitability. He will report to Joe Eazor, Rackspace’s newly appointed CEO.
Alterman’s CV covers several aspects of corporate finance, including public and private equity and debt markets, along with strategic investments, acquisitions, divestitures and mergers.
Past jobs have included strategic and operational, corporate and customer-facing, domestic and international roles.
Prior to joining Rackspace, Alterman served as CFO of EarthLink, an internet company that transitioned into cloud networking. During Alterman’s tenure as CFO, EarthLink materially increased cash flow and reduced leverage, lowering interest expense by 40%.
In addition, EarthLink launched and grew new service offerings to enterprise and mid-market customers, culminating in the $1.1bn merger of EarthLink with Windstream, a US telecommunications provider.
Before that transaction, Alterman managed all aspects of the company’s financial activities, including investor relations, business operations, financial planning and analysis, controllership, treasury, tax, procurement and real estate.
CEO Eazor said: “During our three years together at EarthLink, Louis took the initiative to meet frequently with key customers and prospects.
“He helped our sales teams close deals and refine our operational metrics and processes. I am excited to have Louis join our team, as he brings specific skills and experiences that will benefit Rackspace at this stage of our journey.”
Alterman said: “From the moment I stepped into the headquarters, I could feel the energy and the engagement.
“The door is open for us to lead the managed I.T. services market, and I’m thrilled to reunite with Joe and work with other talented Rackers to help capitalise on this massive opportunity.”