Cloud accounting software firm Xero has snared Andy Lark, an expatriate New Zealander with a stand-out global career, to be its new chief marketing officer.
The appointment comes as it moves to strengthen its push into the vital US market and confirms it expects a net loss for the six months to September 30 of $25 million and 80 per cent subscription revenue growth this financial year.
Lark's appointment accompanied Xero's latest trading update, in which it records further strong growth in subscription revenues, up 85 per cent to $52 million for the half year to September 30 and monthly committed subscriptions at $11 million, meaning annualised revenues are now running at $132.3 million, up 87 per cent on a year ago.
Both announcements come three weeks after Xero announced the surprise resignation of the recently appointed chief executive for its US operation, Peter Karpas, and a string of broker reports questioning Xero's ability to crack the US market, where it is up against incumbent accounting software provider Intuit.
A presentation published to the NZX yesterday highlighted "dissatisfaction with execution and leadership" in the US as one of four areas that "need work" for Xero to succeed in the US market.
