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Xero appoints new CFO

Xero, the cloud-based accounting software developer, has appointed Virgin Australia executive Sankar Narayan as its next chief financial officer.

Narayan will join the Wellington-based company from October, and will be responsible for Xero's global financial and administrative functions and strategy, the firm said in a statement. Narayan has previously been CFO at Malaysia's satellite pay-TV service Astro, ASX-listed publisher Fairfax Media and Australian pay-TV firm Foxtel.

"We’ve known Sankar for many years and appreciated his advice during the early years of Xero," chief executive Rod Drury said. "He brings a wealth of global financial experience in businesses that operate at scale in fiercely competitive markets."

Xero changed its recruitment tactics for senior executives earlier this year after the departure of two senior managers who weren't the right fit with the company.

Narayan's experience includes merger and acquisition activity, initial public offering preparation, and public and private capital raisings in global markets, Xero said.

In February, Drury said he would like to list Xero on the Nasdaq over the next 12 months as it puts greater focus on making inroads to the US market. In March, the company crossed the halfway mark to its one million customer target.

Xero shares last traded at $18.05, and have gained 12 percent this year.