New leader described as 'purpose-driven and human-centred'
Former Google executive Sukhinder Singh Cassidy is set to take the reins as the new CEO of software company Xero, following the resignation of Steve Vamos. In an announcement, Xero said Cassidy will join the company on Nov. 28 before officially starting as CEO on Feb. 1. She will work closely with Vamos before she begins her tenure as CEO, while Vamos will remain available until May 2023 as advisor.
Cassidy said she is "thrilled" to be appointed as CEO and appreciates the confidence of Xero's board in her.
"What excites me about Xero is the people and culture of the company and the passion Xero's partners and customers have for our product as well as the large total addressable market opportunity," she said. "I believe Xero is a critical business tool for small businesses and their advisors. 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."
Cassidy has more than 25 years of global leadership experience, including leading the Asia Pacific and Latin America operations of Google from 2003 until 2009. She also founded theBoardlist, Joyus, and co-founded Yodlee.
Xero chair David Thodey said Cassidy's appointment followed a "rigorous global recruitment process," adding that the company is "delighted" over her appointment.
"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.
Vamos also lauded Cassidy as being "very well-placed" to lead Xero and expressed his excitement over her appointment.
"I'm looking forward to working with Sukhinder to achieve a smooth leadership transition. Sukhinder has the opportunity to take Xero to the next level and continue to deliver world-class products and services that are critical for our customers and partners," Vamos said.
The outgoing CEO plans to return to business coaching and leadership development as an advisor, director, and investor, according to Xero. He will continue to receive his remuneration and statutory benefits for the remainder of his employment.
Under Vamos, Thodey said Xero expanded 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. He also oversaw the company's expansion and several acquisitions in Canada, the United States, Sweden, Singapore, Denmark, Australia, and the United Kingdom.
"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," Thodey said.
