The chief executive of New Zealand-based accounting software company Xero, Rod Drury, has today announced his resignation from the role after 11 years at the helm.
Xero cloud accounting software is used in over 180 countries and has an annual revenue in the hundreds of millions of dollars.
Drury will leave his position as CEO on April 1, and it will be taken over by Steve Vamos, who was appointed by the Xero board.
"As we enter the next chapter of growth all over the world and drive towards $1B of revenue, the Board and I realised Xero needs world class multinational tech company skills and execution experience to help us meet those targets," Drury said in his resignation statement.
Incoming CEO Vamos has worked in the tech industry for over 30 years in such tech companies as Apple Computer Asia Pacific, ninemsn and Microsoft Australia.
"Over the last 18 months we’ve worked with Steve on strategic projects and it became clear he has the people leadership, coaching and global tech experience to lead our amazing leadership team," Drury said of Xero's succession plan.
"I've known Steve personally for over 10 years and of him for over 20 years when I first met him in Wellington. Steve understands our business and has helped build our global leadership team - he has strong relationships with each of them."
Drury says he will be a non-executive director on the Xero board.