Xero CEO Steve Vamos has resigned, the same morning his company posted a A$14.73 million net loss.
Xero’s revenue jumped 30 per cent in the six months to September 30, to A$602.7 million, while net losses of $14.73 million are up from the previous year’s A$5.4 million, due to non-cash impairments and disposals relating to Xero’s Waddle business.
Shares plunged 10.3 per cent this morning, after the announcement.
Vamos will be replaced by Sukhinder Singh Cassidy (below), previous president of Asia Pacific and Latin America at Google, and president at StubHub.
Since taking over the reins from founder Rod Drury in 2018, Vamos has grown Xero’s subscriber base from 1.4 million to over 3.5 million.
“Steve has overseen significant expansion of Xero including completing several acquisitions in Canada, the US, Sweden, Singapore, Denmark, Australia and the UK; completing two capital raises; operationalising our global sales team and go-to-market channels; and introducing sustainability and climate targets for Xero,” Xero chairman David Thodey said.
“As Xero continues to focus on achieving our global ambitions, we’re delighted to appoint someone of Sukhinderʼs calibre as CEO to lead Xero through our next phase of growth. Sukhinderʼs appointment follows a rigorous global recruitment process where we considered a number of exceptional candidates.”
Vamos will remain at the company until May. Singh Cassidy will take the CEO role in February, and will join Xero in November 28.
