New Zealand’s accounting software giant Xero has appointed Canadian native Sukhinder Singh Cassidy as its newest CEO.
Xero hired Cassidy to lead the company as it focuses on its international expansion initiatives. Cassidy is bringing over 25 years of global leadership experience into Xero, with past executive roles in Silicon Valley and the United Kingdom (UK).
Originally from Canada, Cassidy graduated from Western University’s Ivey Business School in 1992.
Currently based in Northern California, Cassidy will succeed outgoing CEO Steve Vamos in February next year. She will be starting at Xero on November 28, working closely with Vamos to manage the transition.
David Thodey, chair of the board at Xero, said that Cassidy will also be spending considerable time in New Zealand, Australia, and Xero’s other international markets.
Vamos will be retiring from the role after almost five years and plans to return to his previous portfolio in business coaching and leadership development as an advisor, director, and investor.
Cassidy was formerly president of Asia Pacific and Latin America at Google, president at Stubhub, and CEO at Polyvore. As an entrepreneur, Cassidy also founded theBoardlist, Joyus, and Yodlee. She has also served as a board member in multiple companies, including Ericsson, TripAdvisor, Urban Outfitters, Canada Drives, Stitchfix and J.Crew.
According to Thodey, Vamos led Xero from 1.4 million to 3.5 million subscribers; from $484.4 million to $1.5 billion annualized monthly recurring revenue; and total subscriber lifetime value from $3.2 billion to $13 billion. Vamos also oversaw Xero’s expansion efforts including completing several acquisitions in Canada, the United States, Sweden, Singapore, Denmark, Australia, and the UK.
“[Vamos] 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,” said Thodey. Vamos will remain to advise the CEO transition through the end of May next year.
Founded in 2006, Xero provides accounting software to small and medium-sized businesses. Its platform enables users to have access to real-time financial data on any device, comprising 1,000 third-party apps and 300 plus connections to banks and other financial partners.
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Xero’s appointment of a Canadian CEO follows the company’s active growth within the country. In April, Xero hired Canadian tech entrepreneur and investor Chris O’Neill as its first-ever chief growth officer.
Most recently, Xero acquired Calgary tax preparation software startup TaxCycle for $75 million CAD.
After acquiring Toronto-based Hubdoc for $70 million USD in 2018, Xero also appointed Hubdoc’s co-founder and CEO Jamie McDonald as general manager of product, accounting, and global service. McDonald has since joined New Zealand’s A2X Accounting alongside fellow Hubdoc founder Jamie Shulman.
Faye Pang was named as Xero’s country manager for Canada in 2020. And, in its commitment to the Canadian market, Xero also named its existing Toronto office as its North American hub for product development and technology innovation.
Amid the recent macroeconomic environment, Xero’s shares hit its lowest level since last year. At the time of publication, Xero’s shares are trading at $64.74 AUD on the Australian Securities Exchange (ASX), a 73.38 percent decline from when it was trading at $138.12 AUD in November 2021. In January this year, Xero was trading at $146.22 AUD, representing an over 80 percent decline compared to its current stock price.
Xero first listed on the NZX in 2007 with a $15 million NZ IPO and later delisted its shares from the exchange in 2017. The company began trading on the ASX in 2012.
Featured image courtesy Xero.