Xero’s chief people officer, charged with driving the company’s “purpose and performance-driven culture”, departed the ASX accounting giant earlier this month.
Key Takeaways
- Xero chief people officer Jeff Ryan has departed the company after 15 months in the role.
- Ryan is one of several US tech luminaries around which CEO Sukhinder Singh Cassidy has rebuilt Xero’s senior leadership team over the past three years.
- Texas-based Ryan told Forbes Australia he left Xero to focus on advisory and board roles.
- He was appointed last year to push forward Xero’s “unique purpose and performance-driven culture”, Singh Cassidy said at the time.
- Xero is among the software companies hardest hit by the “SaaSpocalypse,” with its stock down over 60 per cent from its peak last June amid fears it could be disrupted by AI.
- The company’s HR team will report to chief financial officer Claire Bramley.
Key Background
As the executive in charge of Xero’s HR function, Ryan was responsible for overseeing the $12 billion accounting giant’s performance management strategy. As Forbes Australia reported, Xero last month instituted a policy that sees employees assessed as Below Expectations in annual reviews given the option of immediate severance or a 30-day performance improvement plan.
Ryan left Xero in early July. Confirming his departure to Forbes Australia, Ryan said he would be focusing on advisory and board work. Ryan became a board director at Netgear last April, the same time as he joined Xero.
When Xero publicised his appointment early last year, CEO Sukhinder Singh Cassidy said Ryan would help bolster Xero’s “purpose and performance-driven culture” and help Xero employees “move faster for our customers and do the best work of their lives.”
Jeff Ryan joined Xero after stints as chief people officer of mobile game giant Zynga and cyber security company McAfee.
Tangent
Xero’s share price has been beleaguered by fears of disruption via AI over the past year, one of many software companies caught in the so-called SaaSpocalypse. Currently trading at $68, its stock is down 64 per cent since its peak last June.
The company’s leadership has been a hot topic in corporate circles in recent weeks after Xero chairman David Thodey began approaching investors about reshaping Singh Cassidy’s equity-heavy compensation package following Xero’s stock fall.
Xero’s board in December 2024 granted Singh Cassidy 575,000 stock options, worth US$26.5 million at the time, to vest over three years. Those options carried a strike price of $171, meaning the current stock price of $68.37 would have to more than double for the options to be worth anything. Thodey is reportedly asking Xero investors to reformat the package so it restores some of the value, giving Singh Cassidy an incentive to push the company through recovery.
Crucial Quote
“We thank Jeff for his contributions to our people and culture and wish him all the best,” a Xero spokesperson said.
“Xero’s People Experience function has transitioned to report to our Chief Financial Officer Claire Bramley on an interim basis, and we look forward to continuing the great work already underway to unlock Xero’s unique purpose and performance-driven culture.”
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