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.”

Last year, Fortune estimated his worth as co-chief executive at about $A19bn, with his Australian-American software company growing its market value to $A78.94bn ($US51.47bn).

Mr Farquhar’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.

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

Mr Cannon-Brookes took to social media to thank his longtime friend and business partner for all their years working together.

“Mate. Thank you,” he wrote on X, formally known as Twitter.

It’s been one hell of a ride.

“Couldn’t be prouder.

Mr Cannon-Brookes also shared photos of the pair throughout the years, documenting their journey business domination.

“The contribution Scott has made in founding and building Atlassian is impossible to quantify but can best be illustrated by the tens of thousands of jobs created, the hundreds of thousands of customers supported, and the millions of daily users around the world whose lives are improved by Atlassian’s software,” a statement from the company read.

“Atlassian paved the way for other Australian technology companies and continues to do so today.”

Mr Farquhar’s plans after stepping down from the role are to spend more time with family and improve the world through the philanthropic work of Skip Foundation and Pledge 1% as well as mentoring other tech chief executives.

In a letter shared with the company’s employees on Friday morning, he said it was with a “full but heavy heart” that he made the decision to step down.

“It’s been 23 years since Mike and I started Atlassian, fresh out of university,” he said.

“We got to work on the heels of the dot com bust and unbeknown to us, we were kickstarting the Australian tech industry.”

The pair started the business in 2001, selling business software online with no salespeople.

“Today, rockets don’t launch into orbit without Atlassian’s software,” Mr Farquhar said.

“From helping to land the Mars Rover, to ensuring cars roll off the production line and Domino’s pizzas are delivered on time, to lifesaving medical procedures being tracked and managed in hospitals, our solutions are woven into the fabric of teamwork worldwide.”

He offered a thank you to his co-founder Mr Cannon-Brookes, saying it was “hard to put into words” his gratitude.

“Mike, it’s hard to put into words the gratitude I feel, and my love for all we have created together,” he said.

“You really are George Bernard Shaw’s Unreasonable Man, and the world and I are better as a result.”