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)

Fri, 10 Mar 2023

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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