Xero faith
Xero chief cashes out at the bottom.
Good morning.
Xero’s boss Sukhinder Singh Cassidy picked a fine moment to sell every share she directly owns.
As Capital Brief’s Hugo Mathers reports, Xero shares are down 60% over the past year, a marquee casualty of the SaaS sell-off. The 575,000 options she was granted on top of her USD15.2 million pay deal are now so far underwater they’d need the share price to more than double before they were worth a cent.
Little wonder chairman David Thodey is reportedly canvassing big investors about rejigging her pay to something less hostage to the chart.
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Market movers
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Shares in Kingsgate Consolidated plunged on Monday after the gold and silver producer revealed a major mechanical failure had forced the shutdown of Plant 1 at its Chatree gold mine in Thailand.
