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Xero plunges 9pc following CEO resignation, earnings miss

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Steve Vamos has resigned from Xero, while the business grew revenue 30 per cent in the half to $NZ658.5 million.

A former Google regional president is set to take the reins at cloud accounting company Xero in February, following the resignation of chief executive Steve Vamos on Thursday.

On the back of the result, Xero shares plunged 9 per cent in opening trade to $66 - its lowest price since March 2020. “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,” Mr Thodey said.

 

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