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The Xero Ltd (ASX: XRO) share price has enjoyed a strong run this week, up almost 3% since last Friday’s closing bell.
That’s despite the S&P/ASX 200 Index (ASX: XJO) business and accounting software provider slipping 1.97% in lunchtime trading today, currently at $95.64 a share.
It’s not just the Xero share price in the red.
ASX tech shares are broadly struggling today, with the S&P/ASX All Technology Index (ASX: XTX) down 0.61% at the time of writing compared to a 0.41% gain posted by the ASX 200.
That’s the latest price action.
In an announcement unlikely to be having a major impact on the Xero share price today, the company reported it’s moving to an Asia Pacific (APAC) regional leadership structure.
Why the change to an APAC regional leadership structure?
According to the release, Xero is making the change to combine its talent and capabilities to support its growth plans. The company also said the new leadership structure will strengthen its value to its partners and customers across the region.
Under the new structure, Xero’s leadership across Australia, New Zealand, and Asia will be combined into an Asia Pacific Region.
Commenting on the change, Xero’s chief customer officer Rachael Powell said:
These changes will allow us to better align and share leadership talent and resources across APAC, to ensure we continue to improve Xero’s engagement with our small business customers and accounting and bookkeeping communities.
Xero’s country managers will join an APAC leadership team led by the newly appointed managing director APAC, Joseph Lyons.
Lyons, Xero’s current managing director for Australia and Asia, will now also lead APAC. This will include oversight of New Zealand from October.
“Joseph has excelled in his time as managing director of Australia and Asia, and I know he will take on expanded responsibilities in the APAC role with determination and passion, ensuring that we are engaging Xero’s customers and partners,” Powell said.
Xero share price snapshot
The Xero share price is down 35% in 2022. That compares to a year-to-date loss of 25% posted by the All Tech Index.