Shares hit record as Xero snares Chorus exec

Newly appointed Xero managing director Victoria Crone

Xero's share price has hit a record high of $42 following the cloud accounting company's announcement it had appointed its New Zealand managing director.

The share price puts the company's market capitalisation at $5.36 billion

Xero announced this morning it had appointed Victoria Crone as its New Zealand managing director.

Crone, Chorus' general manager of sales and marketing, will leave the infrastructure company in April to take up the role at Xero.

Crone will be managing director of the company's New Zealand arm, responsible for driving relationships with government, financial institutions, corporates and media in this country.

"Xero in New Zealand has rapidly grown to over 90,000 small business customers and NZ$25 million of annualised committed revenue. We're thrilled to have a world class executive like Victoria focused 100% on our local market as we embark on the delivery of our next wave of services," Xero chief executive Rod Drury said today.

Xero has hired 90 staff in the last three months and now employs more than 600 workers.

Crone, who has spent the last 18 years with Telecom and Chorus, will be based at Xero's Auckland office.

"Victoria has been central to the development of Chorus over the last two years, ever since she joined us immediately after Chorus' establishment as a standalone company," said Chorus chief executive Mark Ratcliffe.

"She has been a passionate advocate on behalf of our customers and a strong believer in the power of fibre to transform New Zealand. She will leave behind a legacy of innovation, including the Gigatown initiative," he said.