SOURCE: Xero Limited

Xero Limited

February 24, 2015 16:44 ET

Xero Appoints Russell Fujioka as U.S. President and Graham Smith to Board

Expands U.S. Leadership Team to Drive Growth

SAN FRANCISCO, CA--(Marketwired - Feb 24, 2015) - Xero Limited (XRO) today announced the appointment of Russell Fujioka, (53) as its U.S. President, and Graham Smith (55) to its Board of Directors as an additional independent, non-executive Director. Xero also announced today that Accel Partners, a leading Silicon Valley venture capital firm will invest NZ$132.9 million (US$100 million), and current shareholder Matrix Capital Management, will invest a further NZ$14.3m (US$10.8m).

Fujioka will lead Xero's continued growth in the U.S. market. He will commence his new position effective immediately, based at Xero's U.S. headquarters in San Francisco. Fujioka brings significant experience in sales, digital marketing and operational management of high growth businesses.

Smith brings significant experience of scaling SaaS businesses and creating industry leaders from his time as Salesforce's chief financial officer. His appointment is effective immediately.

Both appointments follow senior executive hires in the U.S. in the past three months that strengthen Xero's global leadership team. These include James Maiocco (General Manager, Business and Corporate Development U.S & U.K), John Forrester (Vice President, U.S. Marketing), and Greg Volm (Vice President, U.S. Sales).

Comments on the News:

  • "Xero's world-class cloud platform has the power to make a real difference in the lives and success of millions of small businesses and entrepreneurs," said Russell Fujioka. "Xero is already one of the world's fastest growing software companies and I'm excited to be part of the journey that will see Xero become the preferred financial platform for millions of small businesses and their advisors, especially in the United States."
  • "We have a world-class leadership team and board in place to support accelerating growth," said Rod Drury, Chief Executive Officer, Xero Ltd. "Russ has already proven within Xero the value of his operational experience and results-focused energy."
  • "Xero is revolutionizing small business software and has an amazing culture of innovation," said Graham Smith. "I'm very excited to be joining the Xero Board of Directors."
  • "Graham's strategic and financial skills complement a strong technology and business focused Xero Board," said Chris Liddell, Chairman of Xero Ltd. "His experience with fast growing technology companies will provide additional insight and knowledge for the next phase of Xero's growth, particularly in North America."

Background on Russell Fujioka

  • A highly regarded strategic and operational leader with over 25 years of experience in the technology sector and deep experience of digital marketing and scaling businesses.
  • Held senior executive roles at technology giant Dell, JWT Diversified Agency Services (Synergy), JWT Technology, and, Adobe Systems.
  • Most recently acted as an interim executive and advisor to Xero, Pertino, and Bessemer Venture Partners.

Background on Graham Smith

  • More than 25 years of finance experience in the software and SAAS industry.
  • Currently Executive Vice President of Finance at Salesforce, after seven years as its Chief Financial Officer where he managed the company's financial strategy and operations through rapid growth to more than $5 billion annual revenue (projected for the fiscal year 2015).
  • Has held executive positions at Advent Software, Vitria Technology, Nuance Communications and Oracle, and also serves on the board of directors at Splunk.

About Xero
Xero is beautiful, easy to use online accounting software for small businesses and their advisors. The Company has over 400,000 paying customers in more than 180 countries around the world and over 1,100 employees. Xero is listed on the NZX and ASX. See www.xero.com

(Note: All currency in this release is in New Zealand dollars)