Toronto-based password-management startup 1Password has added David Faugno to its C-suite as president and chief operating officer (COO).
Faugno marks 1Password’s latest addition to an ever-expanding executive team. Since 2021, 1Password has more than doubled its C-suite, adding the likes of former Shopify VP Erin Zipes as chief legal officer and Katya Laviolette as chief people officer.
1Password has also celebrated significant revenue milestones recently. CEO Jeff Shiner appeared on the BetaKit podcast to discuss achieving $250 million in annual recurring revenue and 50 percent year-over-year growth in B2B sales.
Bringing a veteran presence to 1Password, Faugno previously served as executive vice president and chief financial officer (CFO) at the American experience-management firm Qualtrics, where he led the company through its IPO and eventual sale to SAP.
Prior to joining Qualtrics, Faugno served for a decade as the CFO of IT security company Barracuda Networks and led the acquisition of more than 10 companies.
Faugno was also a partner for venture capital firm Accel, which introduced him to an advisory position at 1Password after its Series A round in 2019.
“Four years ago, I was introduced to 1Password CEO Jeff Shiner and participated in the Series A investment alongside Accel, their largest Series A investment ever,” Faugno said this week on his LinkedIn. “When Jeff asked me to partner with him more deeply to help lead the company through the next phase of growth, I understood that this was where I wanted my focus to be – All In.”
The company says Faugno will be the first ever president and COO, and will focus on scaling 1Password to new markets and product offerings.
“David will ensure we’re able to capitalize on the tremendous opportunities in front of 1Password, particularly as we continue to expand our footprint within the enterprise,” Shiner said in a statement.
Over the past year, 1Password has been moving away from its roots in password management, pushing companies to take on passkeys. Passkeys enable users to log into apps or websites with a pre-authenticated device, using a cryptographic token instead of a password.
Feature image courtesy 1Password