You are using an older browser version. Please use a supported version for the best MSN experience.

Xero overhauls executive structure

NZ NewswireNZ Newswire 30/10/2016 Paul McBeth

Virgin Australia executive Sankar Narayan will become the new chief financial officer at cloud-based accounting software developer Xero. © Bloomberg Virgin Australia executive Sankar Narayan will become the new chief financial officer at cloud-based accounting software developer Xero. 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.

The establishment of the chief people officer and chief accounting roles free up Mr 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 Mr 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 per cent so far this year.

image beaconimage beaconimage beacon