Xero overhauls executive structure

Monday 31 October 2016 10:08 AM

Xero overhauls executive structure, appoints new Americas head

By Paul McBeth

Oct. 31 (BusinessDesk) - Xero has overhauled its executive structure in its drive to generate $1 billion in revenue, appointing a new head of its Americas operation and giving chief financial officer Sankar Narayan more responsibility to build out the business.

The Wellington-based company's new management structure will see country managers reporting to chief executive Rod Drury, the disestablishment of Andy Lark's chief marketing and revenue officer position and the creation of a chief marketing officer role to focus on brand and marketing, Xero said in a statement. The establishment of the chief people officer and chief accounting roles free up CFO Narayan "to broaden his focus to drive operational outcomes and revenue globally," it said.

Xero has hired former Capital One executive Keri Gohman to run its Americas business, which she will run from Denver "where future US operational investments will be focused, supporting Xero's hubs in San Francisco, New York, Austin and Seattle" when she starts in December, it said.

The cloud-based accounting software developer's current US head, Russ Fujioka, will leave the company at the end of the year, and Andy Lark will also depart.

Xero expects to cross the one million customers this year, and has set a target of achieving $1 billion in annual revenue. The company had 717,000 customers as at March 31 with annualised monthly committed revenue of $258 million for its cloud-based accounting software.

The shares were unchanged at $17.84, and have dropped 9.9 percent so far this year.

(BusinessDesk)

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