Atlassian founder Scott Farquhar to step down as co-CEO

The news: Atlassian has lifted its third quarter revenue but announced founder Scott Farquhar will step down from his co-CEO role after 23 years, sending shares lower.

The numbers: The Australian software products maker posted revenue of USD1.2 billion ($1.84 billion), up 30% from a year earlier, while net income came in at USD12.8 million compared to a USD209 million net loss a year ago. It is forecasting revenue in the range of USD1.12 billion and USD1.135 billion for the fourth quarter. Atlassian shares fell 8.8% in after-market trading on the Nasdaq.

The context: Atlassian said in a statement Farquhar has made the decision to step down as co-CEO to spend more time with his young family, improve the world via philanthropy, and help further the technology industry globally. He will step down on 31 August but will continue as an active board member and assume a special adviser role. Co-founder Mike Cannon-Brookes will continue to lead as CEO.

What they said: “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. We have a strong leadership team, and great momentum around cloud, enterprise, and now, AI,” said Farquhar.