Xero
Xero 400X300
The Board of Xero Limited has appointed Steve Vamos as CEO to succeed founder Rod Drury, effective April 1, 2018. Rod is stepping down from the CEO position but will continue to focus on innovation and strategy as a non-executive director of Xero.
Over the past 18 months Steve has worked closely with Xero's executive team developing its management capability and operating model. Steve has more than 30 years of experience in technology and digital media including roles at three iconic companies: IBM, Apple and Microsoft. He has lived and worked in Australia, the USA and Asia, and is a proven leader with the skills and discipline to drive Xero in its next phase of global growth.
Xero's Board Chairman Graham Smith said, "Succession planning has been high on the Board's agenda and with the business performing strongly, we believe the time is right to make the transition at CEO level. We believe Steve Vamos brings an invaluable skill set to lead Xero. He has worked in some of the world's largest tech companies and is a recognized, purpose-driven people leader, with a focus on growth and operational excellence."
"Rod's achievement of building a global company and community from New Zealand is unmatched and on behalf of the Board, I'd like to thank him for his tremendous leadership since founding the company. With a strong leadership team in place, Steve's appointment underpins the important evolution from a founder-led company to a business with worldwide scale. At the same time, Xero will continue to benefit from Rod's product vision as a non-executive director."
Rod Drury said, "It's been a huge 11 plus years building Xero. It's amazing to consider we started with just four people in a small Wellington apartment and we now have over 2,000 people across 17 offices in eight countries and over 1.2 million subscribers. I'm so proud of the Xero team, the community that's formed around us, the positive impact we've had on our customers and the shareholder value we've created."
Rod added, "Steve has demonstrated that he has the skills and experience we need to execute Xero's next phase of growth, while I contribute to strategy as a non-executive director with my passion for product innovation."
Steve Vamos said, "What Rod and Xero have accomplished is rare and remarkable. I'm excited to have this opportunity to lead Xero's growth and development going forward. I have really enjoyed the opportunity to work with the Xero leadership team and we have a clearly communicated strategy, which we are committed to executing. Xero is a special company with an extremely important purpose and significant opportunities. I look forward to continuing to work with Rod, the Board, the entire Xero team and our partners and customers, to deliver on the potential of Xero's global platform."
A Commentary from Insightful Accountant's Senior Editor -
From a personal standpoint I would like to say that I have been fortunate enough to spend about 3 hours in discussions with Rod Drury over the last few years in various press events at the last few Xerocon conferences held here in the United States. During those times together I have always found Rod as a man of vision with respect to Xero and what it can achieve especially in light of the technological changes within the accounting industry.
Experience has shown that it becomes extremely difficult for company founders to focus on both 'the company as a whole' and 'the product'. While I am confident that Rod could continue to drive his company forward, I also believe that his ability to steer the product would have become taxed by the demands of both 'executive' and 'imagineer'.
With Rod now able to focus on the the role of innovator, and Steve Vamos assuming the helm whereby Xero is steered, not only should a sound course lie ahead, but a grand journey that goes way beyond Xero users' expectations.