Drury steps down as Xero CEO

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Xero has appointed Steve Vamos, former head of Microsoft Australia, as its new global CEO. The cloud accounting company's founder and previous CEO, Rod Drury, will remain with the company as a non-executive director.

Vamos has worked with the company’s executive team over the past year and a half to develop its management capabilities and operating model, according to Xero. In his new position, he will be based in the Australia/New Zealand region.

“What Rod and Xero have accomplished is rare and remarkable,” Vamos said in a statement. “I’m excited to have this opportunity to lead Xero’s growth and development going forward. I have really enjoyed the opportunity to work with the Xero leadership team and we have a clearly communicated strategy, which we are committed to executing.”

Drury added, “Xero has recently achieved a number of key milestones: We’ve achieved positive EBITDA and operating cash flows, consolidated our listing on the ASX and built an exceptional leadership team. It’s now the right time for me to pass the baton to Steve, who has the experience to significantly expand Xero internationally. Steve has demonstrated to the board and me that he has the skills and experience we need to execute Xero’s next phase of growth, while I contribute to strategy as a non-executive director with my passion for product innovation.”

Vamos’ experience includes 30 years of experience in technology. Prior to his time at Microsoft, he served as managing director of Apple Computer Australia and New Zealand, and in various executive and professional roles at IBM between 1974 and 1994. Between 1998 and 2002, Vamos also led the growth and development of an online media business in his role as CEO of Ninemsn, a joint venture between Microsoft and former Australian media company Publishing and Broadcasting Limited.

In 2005, Vamos founded the Society for Knowledge Economics, a not-for-profit think tank that operated until 2014, to promote better leadership and management practices.

Vamos currently serves as a non-executive director of the Australian telecommunications company Telstra and the building materials company Fletcher Building, and is a member of the advisory board of the University of Technology Sydney Business School. He has a degree in civil engineering from the University of New South Wales.

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