Xero names US-based Douglas Jeffries as CFO as it targets North American market

Thursday 29th January 2015

Xero, the cloud based accounting software firm, named US based Douglas Jeffries as its new chief financial officer, replacing Ross Jenkins who will take on the new role of chief operating officer responsible for field operations.

Jeffries, who has 30 years of financial, strategic and operational leadership at growth companies such as RetailMeNot, Taleo Corp, Palm Inc, and Ebay Inc, will be responsible for all Xero's financial and administrative functions, the Wellington based company said in a statement. Based in San Francisco, he will report to Xero chief executive Rod Drury starting in March, it said.

The software developer wants a million customers, and is targeting growth in the US market where it sees the potential to take market share of an estimated 29 million small to medium sized business owners. The company has said its execution in the North American market hasn't matched expectations and it is making key leadership changes in the region to accelerate future growth.

In September, its North American chief executive Peter Karpas left the business just six months after joining.

Xero today named former Zendesk senior director of North America sales Greg Volm as vice president of its US sales, and Matt Jefferson as its UK sales director.

Shares in Xero slipped 1 percent to $15.70, and have slumped from a peak of $45.99 in March last year.

BusinessDesk.co.nz

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