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- Xero (XRO) appoints the former president of StubHub as its new Chief Executive Officer
- Previous Google and Amazon executive Sukhinder Singh Cassidy will step into the role, under which she will receive a US$700,000 (A$1 million) annual salary
- The incoming CEO succeeds Steve Vamos, who, after serving almost five years as CEO, will retire from the role to return to business coaching
- Ms Cassidy will start at Xero on November 28 and will work closely with Mr Vamos to ensure a smooth transition before taking over the position in February 2023
- Xero shares are down 12.63 per cent to $63.45 at 12:48 pm AEDT
Xero (XRO) has appointed Sukhinder Singh Cassidy as its new Chief Executive Officer.
Ms Cassidy is an experienced tech executive, having spent more than 25 years in leadership roles, scaling global companies including Google, Amazon, Yodlee, Joyus and StubHub.
Her new position comes with a US$700,000 (roughly A$1 million) per annum salary, along with short- and long-term incentives based on performance milestones.
“As Xero continues to focus on achieving our global ambitions, we’re delighted to appoint someone of Sukhinder’s calibre as CEO to lead Xero through our next phase of growth,” Xero Chair David Thodey said.
“Sukhinder’s appointment follows a rigorous global recruitment process where we considered a number of exceptional candidates.”
The incoming CEO succeeds Steve Vamos, who, after serving almost five years as CEO, will retire from the role to return to business coaching and leadership development as an advisor, director and investor.
“Steve has led Xero from 1.4 million to 3.5 million subscribers; from $484.4 million to $1.5 billion annualised monthly recurring revenue; and total subscriber lifetime value (LTV) from $3.2 billion to $13 billion,” Mr Thodey said.
“Steve is a highly respected leader. He led our people, customers and partners through COVID as many of our small business customers, bookkeepers, accountants, and ecosystem partners had to adapt the way they operated and find pathways for business survival.”
Ms Cassidy will start at Xero on November 28 and will work closely with Mr Vamos to ensure a smooth transition before taking over the role on February 1, 2023.
Mr Vamos said he would remain available to advise the company through to the end of May 2023.
The news comes as Xero posts another first-half loss for the financial year, losing US$9.5 million (A$14.7 million) for the six months to the end of September. This compares to a loss of US$3.4 million in the same period a year earlier.
Xero shares were down 12.63 per cent to $63.45 at 12:48 pm AEDT.
