Cloud accounting business Xero has made an internal appointment to replace managing director Chris Ridd, who is stepping down after five years at the helm.
Trent Innes has spent the last three years as national sales director of Xero Australia and will take over from Ridd on April 1, with the former MD staying on as an advisor to the exec team in 2016.
Innes is a qualified Certified Practicing Accountant (CPA) who was national sales manager for Microsoft Business Group in Australia prior to joining Xero.
The New Zealand-based company says it chose Innes after “an extensive global search”.
Andy Lark, Xero’s chief marketing and business officer said the appointment of Innes was proof Ridd had built a strong and deep Australian leadership team.
Ridd said he’d enjoyed taking the business from “a plucky upstart from Wellington”.
“It’s rare for a small business software company to reach the heights that Xero has, which speaks to the determination and experience of the entire Xero team,” he said.
The business says in plans to expand its executive team in Australia in 2016.
In November, the company posted a net loss after tax of $NZ44.327 million ($AU40.9 million) for the half year to September, up 81% of the same period the year before, despite a 60% increase, year-on-year, in paid subscribers to 593,000.
Total revenue for the six months to September was up 71% to $NZ92.864 million ($AU85.667 million).
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