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...

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