Xero raises pay for CEO Sukhinder Singh Cassidy
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The news: Accounting software provider Xero has revised the remuneration of its chief executive Sukhinder Singh Cassidy, following a benchmarking exercise with US-based tech companies.
The numbers: Xero will reduce Singh Cassidy's base salary and short-term incentive (STI) target each from USD735,000 ($1.16 million) to USD540,000, with effect from 1 April 2025. The STI target will continue to remain at 100% of base salary.
Xero will increase the total long-term incentive (LTI) and long-term equity (LTE) target opportunity for FY26 to USD14.12 million, taking Singh Cassidy's annual total target remuneration to USD15.2 million.
Singh Cassidy is also entitled to a one-off grant of 575,000 'at-the-money' share options, with an exercise price of $171.11, vested in three equal tranches annually from the grant date.
The context: Xero said it revised Singh Cassidy's remuneration to recognise her strong performance, ensure it is appropriately aligned to market benchmarks for globally comparable technology companies, and that it continues to focus on incentivising long-term value creation.
Singh Cassidy joined New Zealand-based Xero in November 2022, commencing as CEO in February 2023.
What they said: "The board is committed to linking pay with performance, and attracting and retaining global talent to achieve our global strategy and aspirations for Xero," said Xero chair David Thodey.
"... Recruiting and retaining global SaaS leaders — a concentration of whom are US-based — in a competitive international market is essential to delivering the high performance we need to drive long-term shareholder value."
The source: ASX announcement
