New Xero CEO: restructuring was a 'really painful' call

Sukhinder Singh Cassidy says Xero is making a shift in how it operates as a company. (Image: Xero)

Fri, 19 May 2023

Xero’s newly minted chief executive, Sukhinder Singh Cassidy, says her call to cut 15% of the company’s staff so early into her tenure was a “really painful decision”.Roughly a month after starting in the top job at the New Zealand-headquartered but ASX-listed online accounting platform, she announced cuts of between $25 million and $35m.Xero also exited cloud-based lending platform Waddle, which it brought in 2020, writing off between $30m and $40m as a result.On Thursday, Xero reported its results for the 12 months to...

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