Xero shares plunge as Xerocon kicks off, CEO defends pay
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The news: Xero’s share price took the biggest losses on the ASX 200 in the early afternoon as the accounting software provider hosted its annual industry conference and CEO Sukhinder Singh Cassidy defended her controversial target remuneration package in her first interviews.
The numbers: At 2:13pm AEST, shares in Xero had fallen 5.7% to $150.55.
The context: Xerocon, an annual accounting software conference will run from 3 September to 4 September in Brisbane.
Xero CEO Sukhinder Singh Cassidy also delivered her first interviews in Australian newspapers before the conference kicked off.
She told the Financial Review she was “very comfortable” that the Xero board properly considered her USD15.2 million ($23.3 million) target remuneration package before signing off on it. At the company’s annual general meeting in mid-August 48.74% of shareholders voted against the board’s remuneration report.
This morning, Xero made a string of new feature announcements including a new Xero Partner Hub platform for practice tools, client data and “AI-powered insights”.
Beta access to the platform will be granted to practices currently using the Xero Practice Manager with plans for a full launch in early 2026.
The company also announced new features for its AI tool, Just Ask Xero, which is intended to automate “routine tasks and workflows, like bank reconciliations, data entry, and getting paid”, among other functions.
The sources: Xero media release, The Australian Financial Review, The Sydney Morning Herald
