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XERO TO CUT 15% OF JOBS Featured

Xero plans to cut 700 to 800 jobs as the company seeks to improve operating profitability. That reflects about 15 percent of the workforce, according to a CEO Sukhinder Singh Cassidy in a webcast this month.

Cuts are being made across all function and all regions.The small business accounting software company is unwinding two acquisitions. It said this month it will sell its WorkflowMax brand, which it purchased in 2012, to BlueRock. It is also exiting the cloud-based lending platform, Waddle, that it acquired in 2020. The moves  will result in a write down of $20 million to $27 million for the year ending March 31. The cuts are expected to be completed by July. Xero will report financial results for fiscal 2023 in May. CEO Sukhinder Singh Cassidy said in a prepared statement, “we aspire to build a higher performing global SaaS company and to enable Xeroʼs next phase of growth and drive better customer outcomes, we need to streamline and simplify our organization.” Xero will continue to grow, she said. However, she commented, “We see the opportunity to become a more disciplined growth company,” Cassidy said."


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