Xero’s assault on the US accountancy software market has been set back with the sudden departure of another senior executive, this time the San Francisco-based CFO, Silicon Valley insider Douglas Jeffries.
The New Zealand-based company announced that Jeffries, who joined Xero’s global leadership team in late January as Chief Financial Officer, will step down after only two months to pursue opportunities in the San Francisco Bay area.
“This was a very difficult decision given Xero’s momentum and business potential,” Jeffries said. “The decision to leave is entirely based on my personal objectives and the timing is in no way a reflection of business or financial reporting concerns. It has been especially pleasing over the past few months to see the US leadership team form and deliver improved results.”
Jeffries has 30 years of financial, strategic and operational leadership with growth companies such as RetailMeNot, Taleo Corporation, Palm and Ebay.
Last year Xero’s US chief executive Peter Karpas departed after six months. Karpas joined Xero from PayPal where he was vice president and general manager, North America for Small and Medium Business. Karpas also had senior roles at Intuit.
Ross Jenkins will temporarily re-assume the role of CFO. Graham Shaw, Chair of Xero’s audit and risk committee, says Jenkin’s three-plus years experience in the CFO role will ensure minimal impact on the business.
The company has started a search for a new chief financial officer.