Xero has announced that Douglas Jeffries, who recently joined Xero’s global leadership team as Chief Financial Officer, will step down to pursue opportunities headquartered in the San Francisco Bay area.
“This was a very difficult decision given Xero’s momentum and business potential," says Jeffries, who joined the company two months ago.
"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."
Following the sudden departure, Ross Jenkins will reassume the role of CFO at the company.
"His three-plus years experience in the CFO role, extending to as recently as two months ago, will ensure minimal impact on the business," adds Graham Shaw, Chair of Xero’s Audit and Risk Committee.
"We remain satisfied with the integrity of our financial reporting, systems, and leadership."
Xero has three former and current CFOs on its Board. Graham Shaw, Chair of Xero’s Audit and Risk Committee; Chris Liddell, Chairman of Xero’s Board, who was the CFO of Microsoft and GM, and is currently CFO of WME/IMG; and Graham Smith, who was CFO of Salesforce until 2014.
Xero says it has commenced a search for a Chief Financial Officer.