Mike Cannon-Brookes to Become Sole CEO of Atlassian in August 2024

Atlassian Corporation, the $79 billion Sydney software company known for its workplace collaboration tools like Jira, Confluence, and Trello, announced that co-founder Scott Farquhar will step down as co-CEO effective August 31, 2024. Mike Cannon-Brookes, who co-founded Atlassian with Farquhar 23 years ago, will continue to lead the company as the sole CEO.

Farquhar, who wants to spend more time with his family, focus on philanthropy, and help the technology industry globally, will remain on Atlassian's board as a member and special advisor. "I'm looking forward to spending more time with my young family, improving the world via philanthropy and helping further the technology industry globally," Farquhar said.

Atlassian reported strong financial results for the third quarter of fiscal year 2024, with revenue of $1.189 billion, up 30% year-over-year. Subscription revenue grew 41% year-over-year to $1.071 billion. The company also achieved a GAAP operating margin of 1% and a non-GAAP operating margin of 27%, as well as record free cash flow of $555 million, up 59% year-over-year.

Why this matters: The leadership transition at Atlassian signifies a noteworthy juncture for one of Australia's most successful technology companies. As the company continues to grow and innovate in the cloud software space, Cannon-Brookes' vision and leadership will play a vital role in shaping Atlassian's future direction and impact on the global technology landscape.

Atlassian has reached a major milestone, becoming a cloud-majority company with over 300,000 customers using its Cloud products. The company has seen a 3x increase in paid seats in the cloud since announcing the end of support for its Server products three and a half years ago. Atlassian is well-positioned to capitalize on the AI era, with its Atlassian Intelligence features helping customers streamline support, reduce context switching, and boost developer experience.

"We are now a cloud-majority company with over 300,000 customers using our Cloud products and a 3x increase in paid seats in Cloud since announcing the end-of-support for our Server products," Cannon-Brookes said. "Atlassian is well-positioned to drive durable long-term growth as we continue to execute our cloud roadmap and deliver innovation across our cloud platform."

Key Takeaways

• Atlassian co-founder Scott Farquhar to step down as co-CEO in Aug 2024
• Mike Cannon-Brookes to continue as sole CEO, leading Atlassian's future growth
• Atlassian reports strong Q3 FY2024 results: 30% revenue growth, 41% subscription growth
• Atlassian is now a cloud-majority company with over 300,000 cloud customers
• Atlassian well-positioned to capitalize on AI era with Atlassian Intelligence features