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Xero names Godfrey-Billy as CFO, Narayan to 'pursue other opportunities'

Tuesday 10th July 2018

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Xero said it's appointed Kirsty Godfrey-Billy as its new chief financial officer, replacing Sankar Narayan who is set to leave amid the latest executive reshuffle for the Wellington-based accounting software developer.

It’s a time of change for Xero as founder Rod Drury earlier this year stepped back from management of the company, replaced by former Microsoft Australia and New Zealand head Steve Vamos, and it de-listed from the NZX to take up a sole listing on the ASX.

The ASX-listed shares climbed 1.2 percent to close at A$45.53 on Monday, bringing its gain for the past year to 85 percent. That compares with a 16 percent increase for Australia’s benchmark S&P/ASX 200 Index over the same period.

Narayan, currently Xero’s chief operating and financial officer, will leave the company he joined in 2015 at the end of this calendar year “to pursue other opportunities,” Xero said in a statement. Godfrey-Billy, currently Xero’s chief accounting officer, will take over as CFO from Oct. 1, and work closely with Narayan to ensure a smooth transition, the company said. 

Godfrey-Billy has been with Xero since 2016, working alongside Narayan to lead the global financial operations team and drive Xero’s financial reporting, planning and budgeting processes, the company said.

Narayan "joined Xero at an important phase in Xero’s global journey, and the growth initiatives and operational disciplines he has implemented have been key to delivering excellent results over the past few years,” CEO Steve Vamos said in the statement.

Godfrey-Billy "has played an important role in Xero’s progress by helping to implement strong financial discipline and has demonstrated the capabilities needed to take on the responsibilities of chief financial officer,” according to Vamos. 

In May, Xero reported delivering its first positive operating earnings with wider gross margins and continued subscriber growth for the year ended March 31, and appears on track for profitability.

Among analysts polled by Reuters, two rate Xero shares a 'buy,' while two rate it 'outperform,' seven offer a 'hold' recommendation, and one rates it 'underperform.'

(BusinessDesk)

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