Atlassian Corp. Co-CEO Scott Farquhar stepping down from software company he co-founded
Atlassian co-chief executive Scott Farquhar is stepping down from the Australian software company he co-founded over two decades ago, a surprise move that rattled investors.
Farquhar’s counterpart, Mike Cannon-Brookes, will become the sole CEO, the company said Thursday in a statement.
The departing executive will step down August 31 and remain on Atlassian’s board.
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The shares slipped 8 per cent in extended trading after closing at $US198.41 in New York.
The company — known for collaboration applications Jira and Trello — is down 17 per cent this year as it struggles through a transition to the cloud for holdout on-premise customers.
“While the executive transition is a surprise, it should not impact the operations as the company is in strong footing,” said Bloomberg Intelligence analyst Sunil Rajgopal.
Separately, Atlassian reported fiscal third-quarter revenue was $1.19 billion, above the average analyst estimate of $1.11 billion. Profit, excluding some items, was 89 cents per share, beating the 62 cents projected by analysts. Still, the company added customers more slowly than anticipated.
Bloomberg
