Xero chair defends CEO’s $30m pay package amid growing shareholder revolt

NZ Herald

27 Aug, 2026 02:03 AMQuick Read

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Xero chair David Thodey has defended the company’s decision to hike chief executive Sukhinder Singh Cassidy’s remuneration, while acknowledging shareholder frustration over the company’s share price.

Speaking at Xero’s annual meeting on Thursday, Thodey said the software company needed to remain competitive in attracting and retaining
senior executives.

This week, Xero announced changes that will lift Cassidy’s target annual remuneration to about US$18.5 million (about $30m).

In contrast, Xero shares have fallen from more than A$160 ($196) a year ago to about A$83.

In 2025, a protest vote was levelled against the firm’s remuneration report, with almost 49% of shareholders rejecting it.