Equinix CEO Steve Smith quits post
Fri 26 Jan 2018
The long-time CEO of data centre giant Equinix has resigned from his position after exercising ‘poor judgement’ in an employee matter.
Steve Smith, who has been CEO of North America’s largest data centre real estate investment trust for eleven years, offered his resignation from his post as chief executive as well as from the board of directors.
The board accepted his resignation and has made executive chairman Peter Van Camp interim CEO. Van Camp was CEO of the firm from 2000-2007, and has served as executive chairman since then, when Smith took the helm.
Smith was a senior VP at HP Global before joining Equinix. A graduate of West Point, Smith had a successful career in the U.S. Army, including a stint as aide-de-camp to the office of the Commander in Chief of the U.S. Armed Forces in the Pacific, before entering business.
Van Camp offered his condolences to Smith and was at pains to make it clear that Smith’s resignation was not related to the company’s performance.
“The Board gave this matter the deepest consideration and recognizes the many contributions Steve made over the past eleven years to achieve the global scale, reach and market leadership the company enjoys today. He has worked hard to grow and sustain the business, and we greatly appreciate his efforts,” he said.
“I also want to emphasize that this action was not related to the company’s operational performance or financial condition, both of which remain strong. The Board and leadership team remain fully committed to the strategy.”
The company will now set out on the formal process of finding a permanent replacement for Smith. Its share price, which had more than doubled in the last five years alone under Smith’s tenure, last night dropped by half a percent.
With a market capitalisation of $34.52 billion (approx. £24 billion) and 2016 revenue of $3.61 billion, the company has undergone significant expansion recently, including the acquisition of all ten of Metronode’s Australian data centres.