Sukhinder Singh Cassidy appointed new CEO of Xero Limited

WELLINGTON, NEW ZEALAND: Xero Limited (ASX: XRO) announced the appointment of Sukhinder Singh Cassidy as Xeroʼs new CEO, from 1 February 2023. Sukhinder will succeed Steve Vamos.

Sukhinder is an experienced Silicon Valley executive, with more than 25 yearsʼ global leadership experience, including as President, Asia Pacific & Latin America at Google; President at StubHub; founder of theBoardlist; founder of Joyus, where she was CEO; and co-founder of Yodlee. She has significant public and private board experience with multiple companies.

Xero Chair David Thodey commented: “As Xero continues to focus on achieving our global ambitions, weʼre 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.”

Sukhinder will start at Xero on 28 November 2022. She will work closely with Steve to manage the CEO transition, with Steve remaining available to advise through to the end of May 2023.

Mr Thodey continued: “Sukhinder is a purpose-driven and human-centred leader who is passionate about supporting our customers and is committed to growing and nurturing Xeroʼs unique and vibrant culture.”

“Founded in New Zealand and ASX-listed, Xero has enormous opportunities to accelerate the adoption of cloud and digital technologies by accountants, bookkeepers and small businesses around the world.

Sukhinder is based in Northern California and expects to spend considerable time in New Zealand, Australia and Xeroʼs other international markets.”

“We also want to acknowledge Steveʼs significant contribution to Xeroʼs growth and development as a global business. Steve has led Xero Limited 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.”

“Steve has overseen significant expansion of Xero Limited 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 Limited.”

“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.”

Sukhinder Singh Cassidy commented: “Iʼm thrilled to be appointed as CEO, and appreciate the Xero Boardʼs confidence in me. What excites me about Xero is the people and culture of the company and the passion Xeroʼs partners and customers have for our product as well as the large Total Addressable Market opportunity.”