Xero cuts 15% of staff, writes off Waddle

Xero chief executive Sukhinder Singh Cassidy stepped into the role last month. (Image: Xero)

Thu, 09 Mar 2023

Xero’s new chief executive Sukhinder Singh Cassidy first major move is to announce a 15% cut in staff with the elimination of between 700 and 800 roles at a cost of between $25 million and $35m.Singh Cassidy, who stepped into her current role in February, has also chosen to exit the cloud-based lending platform Waddle, which Xero bought in 2020, and to write off between $30m and $40m as a result.Xero wrote $25.9m off Waddle’s value when it announced its first-half results last November.“We have made strong progress in executin...

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