Xero shares drop as CEO sells $2m stake

The news: Accounting software platform Xero was one of the worst performers on the ASX 200 after disclosing that chief executive Sukhinder Singh Cassidy has sold her entire direct holding in the company.

The numbers: Xero shares were down 4.3% to $70.23 at 3pm AEST. The stock is down 60% over the last 12 months.

Singh Cassidy sold all of her remaining 29,608 ordinary shares on-market for $74 per share, worth approximately $2.2 million. She retains 171,381 restricted stock units and 1 million unlisted options.

The context: The notice stated the sale was for “managing personal tax obligations”. It follows a previous disclosure showing Singh Cassidy had sold more than $4 million worth of shares for the same reason.