‘Opportunistic’: Xero boss says time right for $1b share buyback

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The accounting software firm’s shares rose sharply on Thursday after it announced the plan and upgraded earnings forecasts.

Xero chief executive Sukhinder Singh Cassidy says a $1 billion buyback scheme is opportunistic because the stock is undervalued, dismissing suggestions the software giant has no better way to spend the money.

The company’s shares climbed around 7 per cent to $75.81 on Thursday after it announced a buyback program and upgraded earnings forecasts for the full financial year. Xero also announced chief financial officer Claire Bramley was leaving the business after less than two years.

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