Xero (ASX:XRO) has announced a program to streamline its operations, realign business to drive greater operating leverage, and better balance growth and profitability.
As part of this program, 700-800 roles across Xero's business will be reduced, and management is targeting an operating expense to revenue ratio in FY24 of around 75%.
Xero also says it plans to exit the cloud-based lending platform Waddle and expects to incur a write down of $30-40M.
The announcement comes five weeks after new chief executive Sukhinder Singh Cassidy formally took over from former boss Steve Vamos.