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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}