Atlassian co-founder and co-CEO Scott Farquhar has announced he will step down in August, leaving Mike Cannon-Brookes alone at the helm of the Australian co-working company.

Both Co-CEOs noted that in the 23 years they have worked together, each has done different parts of the job at different times. Cannon-Brookes will therefore not take on any responsibility that he has not already handled before. The soon-to-be-solo CEO also told investors "Atlassian has always been my professional priority and my focus," a likely signal that his interests in other ventures like renewable energy won't be a distraction when Atlassian lacks a backup CEO .

Farquhar said he decided to leave after deciding to spend more time with his family and to "pursue some other passions I have, particularly philanthropy, investing and helping grow and build the global technology industry."

He will remain on the board and become a special adviser to the company, which on Thursday reported third-quarter revenue of $1.2 billion and net income of $12.8 million, respectively a 30 percent jump and a turnaround from a net loss of $209 million for the same quarter last year.