The Xero Limited (ASX: XRO) share price could be on the move on Friday after announcing some board changes.
What did Xero announce?
This morning the business and accounting software platform provider announced that its chair of the board, Graham Smith, will be retiring from the role in the near future.
According to the release, Mr Smith will retire from the Xero board on March 31, but will step down from his chair of the board role on January 31.
The director advised the company that he has brought forward his retirement from the board due to the health of close family members and the resulting impact of this on his capacity to travel to New Zealand for board meetings.
Xero revealed that a replacement for Mr Smith has already been chosen. In line with its succession planning, current independent non-executive director David Thodey will succeed Mr Smith as chair of the board from February 1.
Mr Thodey was previously the chief executive officer of telco giant Telstra Corporation Ltd (ASX: TLS).
He is also currently on the board of UK-based Vodafone Group and private hospital operator Ramsay Health Care Limited (ASX: RHC), and is the chair of newly listed Tyro Payments Ltd (ASX: TYR) and the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
Graham Smith said: "It's been a real honour to serve on Xero's board – the company has made enormous progress over the past five years. My fellow directors and I are very pleased to have attracted someone of David's calibre to the board and to succeed me as Chair.
"David brings deep experience to Xero from his career as a business leader in global technology and telecommunications, and has made a valuable contribution to the board since joining," he added.
