Atlassian co-founder Scott Farquhar steps down in shock announcement
- Atlassian co-founder Scott Farquhar to step down
- Mike Cannon-Brookes will remain on as CEO
- READ MORE: Tech boss only visits office once every three months
The co-chief executive of Australia's biggest tech business has stepped down more than two decades after he founded the company with his friend.
Atlassian announced Scott Farquhar will exit the company during the release of its third quarter financial results on Thursday, leaving co-founder Mike Cannon-Brookes to continue as the sole chief executive.
'I'm stepping down as co-CEO of Atlassian after an incredible 23 years. I'm so grateful to everyone along this journey,' Mr Farquhar wrote on X.
Mr Farquhar's last day will be August 31 but he will remain active as a board member and assume a special adviser role.
His wealth in 2023 was estimated to be $18.6billion, placing him seventh on the Australian Financial Review's Rich List, one spot behind Cannon-Brookes.
Atlassian joint CEO Scott Farquhar will step down from his role to focus on his family and philanthropic efforts
Farquhar's wealth was $18.6billion in 2023 making him the country's seventh richest person (pictured with wife Kim Jackson)
'It's with a full but heavy heart that I share my decision to step down as Atlassian's co-CEO,' Mr Farquhar said.
'At this important juncture in my personal and professional life, I hope you will let me indulge in some nostalgia and pride.'
Atlassian was founded by Farquhar and Cannon-Brookes in 2002.
The pair met studying at the University of NSW where Cannon-Brookes sent an email around to his classmates shortly before graduation asking if anyone was interested in having a crack at a tech startup.
Farquhar replied - the only classmate to do so - and the pair launched the company with a $10,000 credit card for expenses.
'Today, rockets don't launch into orbit without Atlassian's software,' Farquhar said this week.
'From helping to land the Mars Rover, to ensuring cars roll off the production line... to life-saving medical procedures being tracked and managed in hospitals, our solutions are woven into the fabric of teamwork worldwide.'
Farquhar and Cannon-Brookes shortly after founding their now multi-billion dollar company
Cannon-Brookes and Farquhar floated the Atlassian on the US-based Nasdaq in 2015 which was at that point the biggest Australian float on the tech stock exchange
Atlassian's flagship product is its Jira project management and issue tracker software, which it released in 2002.
Two years later it released collaborative knowledge software Confluence.
The company listed on the US-based Nasdaq tech stock exchange in 2015 with a market value of US$5.8billion. It currently has a US$51.7billion market capitalisation.
In 2017, it purchased project management app Trello for US$425million.
The business has recently been delving into AI and cloud-based software.
Atlassian wrote in a letter to shareholders: 'This quarter will be marked by more than a momentous cloud milestone.
'After an incredible 23 years, Scott Farquhar has made the decision to step down as co-CEO.'
Farquhar will focus on spending more time with his family and on his philanthropic endeavours, which include mentoring other CEOs, the Skip Foundation and Pledge 1%.
'While it's a difficult decision to step away, I do so knowing Atlassian is exceptionally positioned to take hold of the massive opportunities at its feet,' he said.
'We have a strong leadership team, and great momentum around cloud, enterprise, and now, AI.'
READ MORE: Inside the property portfolio of Mike Cannon-Brookes amid split with wife Annie
In June last year Mr Cannon-Brookes and his wife paid $14.25million on a mansion in Newport (pictured)
