Billionaire Co-Founder of Atlassian Steps Down in Sudden Announcement

Scott Farquhar, a key figure in Atlassian’s 23-year journey, has announced his resignation as co-CEO. This move, revealed during the publication of the third-quarter financial results, marks a significant shift in the company’s leadership. While Farquhar’s official departure is set for August 31, he will maintain an active role on the board and serve as a special advisor, ensuring his continued influence on Atlassian’s trajectory.

After years of deficits, Atlassian has declared a return to profitability. For the three months ended March 31, the company recorded net profits of $12.8 million ($19.6 million). In its pursuit of client growth for its cloud solutions after a period of stagnation and reorganization, Cannon-Brookes hailed it as a “milestone quarter” for the firm. At the end of trading on Thursday, a share of Atlassian was worth $US198.41, down more than half from its all-time high in October 2021.

According to Cannon-Brookes, his long-term friend’s impact on Atlassian cannot be measured. With an estimated net worth of $18.6 billion in 2023, he was ranked eighth on the Rich List by the Australian Financial Review, just below Cannon-Brookes. On an earnings call, Farquhar—who has three sons—told investors he had to make the tough choice to focus on investment and other interests.

One of the uncommon, long-lasting co-CEO arrangements in the business world has ended with Farquhar adopting a particular consultant post with the software giant. While both were students at the University of New South Wales, they crossed paths when Cannon-Brookes, just before graduating, asked his fellow students if anybody would be interested in trying their hand at starting a digital firm. Released in 2002, Jira is the project management and problem-tracking software that serves as Atlassian’s flagship product.

Atlassian was valued at $5.8 billion when it went public in 2015 on the Nasdaq tech stock exchange in the United States. Its market capitalization is now $51.7 billion. In 2017, Atlassian paid $425 million for the project management tool Trello. The company has recently explored artificial intelligence and cloud-based technologies.