Toronto-based 1Password has shifted president and chief operating officer, David Faugno, to serve as co-CEO alongside longtime leader Jeff Shiner.
“[Faugno’s] expertise in scaling high-growth tech companies perfectly complements my focus on product innovation.”
Jeff Shiner
1Password
Faugno’s involvement with 1Password dates back approximately six years. He initially acted in an advisory capacity following 1Password’s 2019 Series A round, where he served as a partner for lead investor Accel. In September 2023, Faugno was tapped to serve as the company’s first-ever president and COO where he was asked to oversee scaling 1Password to new markets and product offerings.
Now, after securing multiple global partnerships and the launch of its Extended Access Management (XAM) offering, Faugno will take on the new role with similar expectations. In a statement, Shiner called Faugno’s impact over the past few years “extraordinary.”
“[Faugno’s] expertise in scaling high-growth tech companies perfectly complements my focus on product innovation, and I’m thrilled that he agreed when I asked him to help lead 1Password into this next chapter,” Shiner said. “Together, we’re ready to seize the incredible opportunity in front of us to define Extended Access Management as a new cybersecurity category and drive sustainable growth for 1Password.”
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Faugno said in a statement that combining his focus on operational strategy with Shiner’s product expertise will help drive sustained growth for 1Password, adding that the co-CEO model allows them to “strategically align” all facets of the business.
1Password noted that Shiner’s solo leadership over the past 13 years has grown the company from under a dozen employees to over 1,300 across five countries, and drawn in millions of customers including more than 150,000 businesses with highlights such as Canva, the Golden State Warriors, Salesforce, Slack, and Stripe.
The company also broke down the duo’s responsibilities, noting that Shiner will continue to guide 1Password’s vision as chair of the board while overseeing the business segments “deeply rooted” in his technical background such as engineering and security. Meanwhile, Faugno will look to “strengthen 1Password’s foundation for scalable growth” by driving 1Password’s business strategy including growth initiatives, customer experience, and financial strategy.
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The company also pointed to Faugno’s experience as the former executive vice president and CFO at Qualtrics, where he led preparations for an initial public offering (IPO) and its $8-billion USD sale to SAP, as well as his CFO tenure at Barracuda Networks, where he oversaw 11 acquisitions and an IPO.
Earlier this year, 1Password acquired contextual access management firm Kolide and turned it into a component of its new XAM offering meant to help businesses secure connections from unmanaged applications and devices. According to 1Password, XAM has “experienced strong demand” since its May launch which has been bolstered by a number of partner integrations including with Google Workspace, CrowdStrike, and Microsoft, which was also announced today. As co-CEO, Faugno will continue his responsibilities in building out 1Password’s XAM ecosystem through strategic partnerships and integrations, the company said in a statement.
In September 2023, Shiner revealed on The BetaKit Podcast that 1Password had achieved $250 million in annual recurring revenue as it grew its business-to-business (B2B) sales. When BetaKit spoke with Shiner at the last-ever Collision conference in June, he declined to provide updated revenue numbers but said that B2B sales still made up the bulk of 1Password’s revenue, adding that the consumer side of the business was also growing faster than expected.
The 1Password leadership shakeup follows a busy year in the C-suites of Canadian tech, which has seen lots of turnover in 2024. The list includes Unbounce, MindBridge, Ratehub, NowVertical, Top Hat, Untether, Cinchy, Alida, and many more. Just this past week, Wattpad appointed a new co-president while Vancouver-based Sanctuary AI announced that CEO Geordie Rose departed the company, the second co-founder to leave Sanctuary AI this year.
Feature image courtesy 1Password.