Xero has found a new CFO

Former Fairfax and Virgin Australia CFO Sankar Narayan will be Xero’s next financial controller, taking on the job from October.

The cloud-accounting company’s former CFO Douglas Jeffries departed suddenly back in April after just two months in the role. At the time he said he would pursue other opportunities in San Francisco and that his decision had nothing to do with the business’ potential.

It happened on the same day that the New Zealand tech company revealed it had doubled its losses, posting an after tax loss of $NZ69.5 million for the 12 months to March.

With the search for a replacement now over, Xero’s interim CFO, Ross Jenkins, will go back to being the company’s COO.

Narayan said software engineering was an early passion.

“I’m delighted to bring my experience in high volume consumer and business markets,” he said

Xero CEO Rod Drury said Narayan was one of his early mentors.

“We’ve known Sankar for many years and appreciated his advice during the early years of Xero. We are thrilled to have a global executive of his calibre help take us to the next level,” Drury said.

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