The company’s current head is stepping down after almost 12 years in charge
The founder of a prominent Kiwi tech company has confirmed his resignation as CEO today, announcing plans to step down in just a few short weeks.
Rod Drury, who launched payroll and accounting giant Xero in 2006, will hand the reins over to digital business veteran Steve Vamos on April 1.
"It's been a huge 11 plus years building Xero," Drury said. “It's amazing to consider we started with just four people in a small Wellington apartment and we now have over 2,000 people across 17 offices in eight countries, and over 1.2 million subscribers.”
While Drury will be ceding control as CEO, he will remain involved in the operation of the business as a non-executive director of the board.
“I’m so proud of the Xero team, the community that’s formed around us, the positive impact we’ve had on our customers, and the shareholder value we’ve created,” he added.
Incoming CEO Steve Vamos has more than 30 years’ experience in technology and digital media including senior stints at IBM, Apple and Microsoft. He is also a non-executive director of Telstra and Fletcher Building.
“What Rod and Xero have accomplished is rare and remarkable,” said Vamos. “I’m excited to have this opportunity to lead Xero’s growth and development going forward. I have really enjoyed the opportunity to work with the Xero leadership team and we have a clearly communicated strategy, which we are committed to executing.”
Graham Smith, chair of Xero, said the appointment comes at an ideal time for the company and has been well prepared for.
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"Succession planning has been high on the board's agenda and with the business performing strongly, we believe the time is right to make the transition at CEO level," he said.
"We believe Steve Vamos brings an invaluable skill set to lead Xero. He has worked in some of the world's largest tech companies and is a recognised, purpose-driven people leader, with a focus on growth and operational excellence."