Equinix, Inc. ( EQIX ) shares are trading lower today. The company disclosed the CEO transition yesterday.

The company announced the appointment of Adaire Fox-Martin as the new President and CEO, succeeding Charles Meyers, effective second-quarter 2024.

Charles Meyers is transitioning to the post of Equinix’s Executive Chairman, succeeding Peter Van Camp, who will take the role of Special Advisor to the Board.

Adaire Fox-Martin has most recently served as Alphabet Inc ( GOOG )‘s Google Cloud Go-to-Market President and Head of Google Ireland. Before Google ( GOOG ), Fox-Martin held senior global positions at some of the foremost technology and software companies.

Also Read: Equinix Eyes African Growth With $390M Investment In Data Center Expansion: Report

Meyers Said, “Digital transformation is reshaping the basis of competition for industries across the globe, and the rapid adoption of AI is accelerating that dynamic. These pivotal shifts have created an extraordinary demand environment for digital infrastructure, and our distinctive advantages create an exceptional long-term opportunity for Equinix.”

“I am confident that Adaire’s capabilities and experience will be deeply additive to our team and our culture, helping us meet the evolving needs of our customers, fuel our growth and unlock the extraordinary power of Platform Equinix.”

Last month, Equinix ( EQIX ) reported a fourth-quarter FY23 adjusted FFO per share of $7.30, up from $7.09 a year ago, and sales of $2.11 billion, higher than $1.87 billion in the prior-year quarter.

Price Action: EQIX shares are trading lower by 1.71% at $877.54 on the last check Wednesday.