The company said Xero CFO Ross Jenkins, based in San Francisco, Calif., will serve in Karpas' place until a replacement is found.

Xero will need someone in the job since it anticipate making an initial public offering in this country before its year ends on March 31. Xero also plans to build its leaderhips team in the U.S. and world markets and "expects to make a number of key appointments over the next three months." The cloud software company's worldwide CEO Rod Drury thanked Karpas for his work in helping "establish strong foundations for Xero in the U.S. market."

Before joining Xero, Karpas spent three and a half years with PayPal and slightly more than 10 years at Intuit where he was an SVP and later a president of the Quicken Health operations.