In an ASX announcement this morning, Xero announced that Mr Vamos would succeed Mr Drury on 1 April 2018, with Mr Drury, who founded the company in 2006, set to continue as a non-executive director.
Mr Vamos has over 30 years’ experience in technology and digital media, including time at IBM, and Apple Computer Australia and New Zealand, where he was managing director.
Xero chair Graham Smith said Mr Vamos’ appointment comes after his close work with Xero’s executive team developing its management capability and operating model over the past 18 months.
“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,” said Mr Smith.
“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 recognised, purpose-driven people leader, with a focus on growth and operational excellence.”
Mr Smith also took time to acknowledge outgoing chief executive Mr Drury, thanking him for his “tremendous leadership”.
“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,” said Mr Smith.
“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.”
Mr Vamos, who also currently serves as a non-executive director of Telstra, and Fletcher Building, welcomed the move and relished the opportunity to lead Xero forward.
“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,” said Mr Vamos.
“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.”
Mr Vamos will receive a base salary of $900,000 per annum, with a conditional short-term incentive of 60 per cent of his base salary on meeting agreed annual performance targets.
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Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.