Change of CEO Unlikely to Impact Strategic Direction at Xero
We don’t expect the appointment of Steve Vamos as CEO of Xero from April 1, 2018 to materially change the strategic direction of the company and we maintain our fair value estimate at AUD 22 per share. At the current market price of AUD 31.71, we continue to believe the shares are overvalued. Founder and current CEO, Rod Drury has led the company for 11 years and will continue to "contribute to strategy" as a non-executive director. Mr Drury owns 15% of the company, which is worth around AUD 680...
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