(Bloomberg) — Atlassian Corp. Co-CEO Scott Farquhar is stepping down from the Australian software company he co-founded over two decades ago, a surprise move that rattled investors.
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Farquhar’s counterpart, Mike Cannon-Brookes, will become the sole CEO, the company said Thursday in a statement. The departing executive will step down Aug. 31 and remain on Atlassian’s board. Farquhar plans to “spend more time with his young family, improve the world via philanthropy and help further the technology industry globally,” according to the statement.
The shares slipped 8% in extended trading after closing at $198.41 in New York. The company — known for collaboration applications Jira and Trello — is down 17% this year as it struggles through a transition to the cloud for holdout on-premise customers.
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“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.
(Corrects Scott Farquhar’s name in an earlier web headline.)
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