Xero CFO Jeffries leaves after 2 months in the role
Xero reports a full year net loss of $69.5 million compared to a net loss of $35.5 million in 2014. Operating revenue rose 77% to $123.9 million.
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Xero [NZX: XRO], the cloud-based accounting software firm, said its US-based chief financial officer Douglas Jeffries is leaving to pursue other opportunities after only two months in the role.
San Francisco-based Jeffries, who was appointed to the role in January with a March start date, said his departure is based on his personal objectives and didn't reflect the business or financial reporting concerns. The company's previous CFO Ross Jenkins will reassume the role while the company searches for a replacement, Wellington-based Xero said in a statement.
Jenkins's more than three year experience in the CFO role ensures there will be minimal impact on the business, said Graham Shaw, chair of Xero's audit and risk committee.
"We remain satisfied with the integrity of our financial reporting, systems and leadership," Shaw said.
In September, Xero's North American chief executive Peter Karpas left the business just six months after joining, after which Xero chief executive Rod Drury said his skills were mismatched to the company's needs at the time as it sought to build presence in the crucial US market.
Mr Jeffries' resignation was included in Xero's result announcement with the company reporting a wider fiscal year net loss but a sharp rise in operating revenue.
The company said its full year net loss in the year ended March 31 was $69.5 million compared to a net loss of $35.5 million in 2014. Operating revenue rose 77% to $123.9 million.
Paying customers increased to 475,000 in the period versus 284,000 in the prior year, Xero said.
More to come
(BusinessDesk)
Tina Morrison
Fri, 24 Apr 2015
Fri, 24 Apr 2015
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