David Thodey faces the least enviable task in Australian governance. Xero’s share price has fallen about 60 per cent in a year, dragged down in the sector-wide derating of software stocks that markets have dubbed the SaaSpocalypse.

The one-off options granted to chief executive Sukhinder Singh Cassidy in December 2024, struck at $171, are hopelessly out of the money with the stock near $74. Her incentive, in any economic sense, has evaporated.

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