Xero CEO Steve Vamos is stepping down and will be replaced by Sukhinder Singh Cassidy from 1 February 2023.
Vamos, who has served almost five years as CEO, is retiring from the role and plans to return to his previous portfolio in business coaching and leadership development as an advisor, director and investor.
Singh Cassidy is an experienced Silicon Valley executive, with more than 25 years’ of global leadership experience, including as president, Asia Pacific and Latin America at Google; president at StubHub; founder of theBoardlist; founder of Joyus, where she was CEO; and co-founder of Yodlee.
Chair of ASX-listed Xero David Thodey said Singh Cassidy's appointment followed a rigorous global recruitment process where a number of exceptional candidates were considered.
“Sukhinder is a purpose-driven and human-centred leader who is passionate about supporting our customers and is committed to growing and nurturing Xero’s unique and vibrant culture," Thodey said.
Xero had enormous opportunities to accelerate the adoption of cloud and digital technologies by accountants, bookkeepers and small businesses around the world, he said.
"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 from $3.2 billion to $13 billion,” Thodey said.
Vamos had 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 global sales and go-to-market channels; and introducing sustainability and climate targets.
“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," Thodey said.
Singh Cassidy will start at Xero on 28 November, working closely with Vamos to manage the CEO transition. Vamos will remain available to advise through to the end of May 2023.
"There are huge opportunities in front of us and I’m committed to building on the business’ great momentum, in line with Xero’s values," Singh Cassidy said.
"I’m looking forward to meeting Xero’s people, partners, customers and shareholders around the world, and leading the business through its next stage.”
Vamos said Singh Cassidy had the opportunity to take Xero to the next level and to continue to deliver world class products and services that were critical for Xero customers and partners.
“It has been a privilege to build on the legacy of our founder Rod Drury to position Xero for continued growth around the world," he said.