Xero's Singh Cassidy pulls classic new CEO move

Xero's Singh Cassidy pulls classic new CEO move
New CEO Sukhinder Singh Cassidy, left, will broaden Xero's focus from growth to growth plus profits. (Image: Supplied)
Jenny Ruth
It’s a classic move from a new chief executive: search all the company’s closets, ferret out all the skeletons and cobwebs you can find and deal to them.At a cost of up to $75 million, Xero’s new CEO Sukhinder Singh Cassidy has decided to cut staff numbers by about 15% by eliminating between 700 and 800 roles and to exit the cloud-based lending platform Waddle, which Xero bought in 2020.Xero shares were trading at A$86.015 (NZ$92.80) mid-afternoon in Australia – the shares trade only on the ASX – up A$7.395, or 9.4...

More Infrastructure

Govt to fight receivers over $30m Tui oil field tax credit
Infrastructure

Govt to fight receivers over $30m Tui oil field tax credit

Crown bid to have liquidators cover decommissioning costs is subject to approval.

Govt agrees 'in principle' to $10b worth of Northland roading PPPs
Infrastructure

Govt agrees 'in principle' to $10b worth of Northland roading PPPs

The Northland expressway project could be one of the first PPPs out of the gate.

Dileepa Fonseka 23 Jul 2024
PPP costs, schools, and avoiding Transmission Gully
Policy

PPP costs, schools, and avoiding Transmission Gully

Two words linger over the PPP debate, including in schools: Transmission Gully.

Dileepa Fonseka 23 Jul 2024
Fletcher Building nails new director
Infrastructure

Fletcher Building nails new director

Australian aluminium boss and former Carters GM Tony Dragicevich starts Aug 1.