Xero strengthens board with Australian director

Xero has appointed three new directors to its board, including Australian-based Lee Hatton who will be bringing her 17+ years of banking and finance experience to the company.

New Zealand cloud accounting software developer Xero has made a number of changes to its board, including the appointment of three new directors.

The company announced that Sydney-based Lee Hatton, who is the general manager of regulatory strategy and affairs at National Australia Bank, and an executive director at BNZ Investment Services, will join the board as an independent non-executive director, effective immediately.

Xero CEO and founder Rod Drury said Hatton will be able to bring her knowledge about the Australian market — the company's largest market where there's a customer base of 100,000 — to the company.

"We have been searching for an additional director in our largest market, Australia, who understands the innovation occurring in banking and payments," he said.

"Lee is an impressive global executive and I’m confident she will make a strong contribution to the board."

Alongside Hatton's appointment, Xero has also appointed Peter Karpas, who began his role as Xero CEO North America in February 2014, as an additional director of Xero Limited's US operating subsidiary, Xero, Inc.

During Karpas' CEO appointment, he was joined by Chris Liddell as the new chairman of the board. He previously worked as vice chairman and chief financial officer of General Motors, and was employed as senior vice president and CFO of software company Microsoft from 2005-09.

Victoria Crone, who commenced her role as Xero New Zealand managing director this week, has been appointed as a director of Xero Limited's New Zealand operating subsidiary.

Crone will replace Graham Shaw as director of Xero (NZ) Limited, and joins Rod Drury as director of Xero (NZ) Limited. Shaw remains a director of Xero Limited.

Xero reported an operating revenue increase of 83 percent for the year ended 31 March 2014, up from the previous year's NZ$38.4 million. It also reported a net loss after tax of around NZ$35 million, and blamed the strong New Zealand dollar for the result.

Xero has development offices in New York, San Francisco, Wellington, Auckland, Canberra, and Melbourne, with sales and support offices in Sydney, Melbourne, Brisbane, and Perth.