Atlassian co-founder Scott Farquhar steps down in shock announcement

The co-chief executive of a billion-dollar Australian business has stepped down more than two decades after he co-founded the company.

Atlassian announced Scott Farquhar will step down during the release of their third quarter financial results on Thursday.

'This quarter will be marked by more than a momentous cloud milestone,' the company wrote in a letter to shareholders.

'After an incredible 23 years, Scott Farquhar has made the decision to step down as co-CEO.'

Mr Scott's last day as co-chief executive will be August 31, 2024, however he will remain active as a Board member and assume a special adviser role.

Mike Cannon-Brookes will continue to lead as chief executive.

More to come.