Online accounting platform and software-as-a-service business Xero Limited (ASX: XRO) has asked the former Telstra Corporation Ltd (ASX: TLS) CEO David Thodey to join its board as a non-executive director. Mr Thoday is already a non-exec director at private hospital operator Ramsay Health Care Limited (ASX: RHC).
Xero also announced that US-based non-exec board member Bill Veghte will leave the board in August 2019.
Xero has seen a few management reshuffles recently including when it shocked the market in March 2018 by announcing that its founder and then CEO Rod Drury would step down to take up a non-exec director role on the board.
Still, the share price has gone on to nearly double since then so it looks like full steam ahead under current CEO Steve Vamos, who has a lot of experience in the tech sector including amongst the senior management ranks of serious cloud player Microsoft.
Xero also appointed a new CFO recently and looks on track to reward investors with its first full year profit in FY 2020.
As such while excess senior or general staff turnover at any company is normally a bad sign for investors to watch, Xero looks an exception as it continues to deliver.
This afternoon shares are flat at $60.96.
