Joseph Binz
Chief Financial Officer at TEAM
Executive
About Joseph Binz
Joseph (“Joe”) Binz, 58, is Atlassian’s Chief Financial Officer since September 2022, following senior finance roles at Microsoft and Intel; he is slated to retire effective June 30, 2026 . He holds a B.S. in finance (University of Illinois Urbana-Champaign) and an MBA (University of Michigan Ross) . Under his tenure, FY2025 results included total revenue of $5.2B (+20% YoY), Cloud revenue $3.4B (+28% YoY), and free cash flow $1.4B (27% margin) . Company TSR for the 2023–2025 period translated a $100 initial investment to $108.4 in 2025 versus $199.3 for the S&P System Software peer index; FY2025 GAAP net loss was $256.7M and Cloud revenue $3,447M in the pay-versus-performance disclosure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Microsoft | Corporate Vice President, Finance; other senior finance roles | 2002–2014 (various roles), 2014–Aug 2022 (CVP Finance) | Led finance for large-scale cloud/software operations; prepared for CFO leadership at scale |
| Intel Corporation | Various finance positions | 1994–2001 | Built foundational operating finance expertise in complex, global environments |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Paycom Software | Director (public company board) | Not specified | Current public company board service |
Fixed Compensation
| Metric | FY2024 | FY2025 | Notes |
|---|---|---|---|
| Annualized Base Salary ($) | $550,000 | $575,000 | CLDC standardized executive base salaries in a narrow range |
| Salary Earned ($) | $550,000 | $568,750 | FY2025 eligible earnings used for bonus calculations |
Performance Compensation
Annual Cash Incentive (Structure and FY2025 Outcome)
| Element | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|
| Cloud + Marketplace Cloud Revenue ($MM) | $3,067 | $3,609 | $4,150 | $3,547 | 96.6% of target |
| CFO Target Bonus (%) | — | 60% of eligible earnings | 200% payout cap | — | Formulaic plan (0–200%) |
| Joseph Binz: Target ($) | — | $341,250 | $682,500 | — | — |
| Joseph Binz: Actual Paid ($) | — | — | — | $329,650 | 96.6% (company multiplier) |
- Program design: 100% formulaic, measured solely on Cloud and Marketplace Cloud revenue (Cloud revenue plus Marketplace cloud app fees), with payout curve 0–200% of target .
Long-Term Equity (RSUs)
| Grant Date | Target Value ($) | RSUs Granted (#) | Vesting Schedule | Grant Date Fair Value ($) |
|---|---|---|---|---|
| 9/27/2024 | $12,500,000 | 81,861 | 6.25% quarterly for 16 quarters (Feb/May/Aug/Nov) | $13,197,630 |
| 9/28/2023 | — | — | 6.25% quarterly for 16 quarters (Feb/May/Aug/Nov) | — |
| 10/15/2022 | — | — | 12.5% for first two quarters then 6.25% for 14 quarters | — |
- FY2025 RSU vesting cash value realized on vest (from all outstanding awards): $10,253,607; RSUs vested in FY2025: 41,784 .
Performance Metrics Eligible Under Share Plan (future design flexibility)
- Potential criteria include TSR, EBITDA, net income, revenue/bookings, “Rule of 40,” operating income, cash flow, return metrics, margins, working capital, EPS, market share/users, and ESG goals, with GAAP/non-GAAP measurement flexibility; CLDC discretion to set and assess goals .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial Ownership | 76,418 Class A shares (includes 15,565 RSUs vesting within 60 days); less than 1% ownership of Class A |
| Unvested RSUs (6/30/2025) | 66,513 (9/27/2024 grant); 21,017 (9/28/2023); 21,369 (10/15/2022) |
| Market Value of Unvested (6/30/2025) | $13,508,125 (2024 grant); $4,268,343 (2023); $4,339,830 (2022) at $203.09 per share |
| FY2025 RSUs Vested | 41,784 shares; $10,253,607 value realized on vest |
| Ownership Guidelines | Executives must retain 20% of post-tax vested shares for seven years; all NEOs met requirements as of 6/30/2025; post-termination release: 50% after one year, remainder after two years |
| Hedging/Pledging | Prohibited without Audit Committee approval; 10b5-1 trading plans permitted under policy; grants not timed around MNPI |
| Options | No stock options outstanding for NEOs; no options used in FY2025 vesting/ownership |
Insider selling pressure assessment: Quarterly RSU vesting cadence (Feb/May/Aug/Nov) at 6.25% per quarter for the 2024 and 2023 grants implies ~5,116 shares per quarter from the 2024 grant alone, continuing for remaining 13 vest events; holding requirements temper near-term net sellable flow .
Employment Terms
| Provision | Outside Change-in-Control (CiC) | During CiC Period (3 months before or 12 months after) |
|---|---|---|
| Cash Severance | 9 months base salary: $431,250 (Binz) | 12 months base salary + 100% target bonus + prorated bonus: $920,000 cash severance (Binz) + target bonus component |
| COBRA/Benefits | Monthly employer contribution for up to 6 months: $14,946 (Binz) | Lump sum of employer contribution for up to 12 months: $29,892 (Binz) |
| Equity | No acceleration outside CiC | If awards assumed: 100% accelerated vesting upon qualifying termination (performance awards at target); if not assumed: full vesting immediately prior to transaction |
| Estimated Totals (6/30/2025) | $446,196 (cash + COBRA) | $23,066,190 (cash + COBRA + $22,116,298 equity acceleration at $203.09/share) |
| Clawback | SEC/Nasdaq-compliant compensation recovery policy applies (3-year lookback for restatements) |
- Change-of-control mechanics: Single-trigger acceleration applies only if awards are not assumed/continued/substituted; otherwise, double-trigger (termination during CiC period) required for acceleration .
Performance & Track Record
- FY2025 highlights: Total revenue $5.2B (+20% YoY), Cloud revenue $3.4B (+28% YoY), free cash flow $1.4B (27% margin); cloud NRR 120% and 300k+ cloud customers .
- CFO execution remarks: Q1 FY2026 revenue $1.433B (+21% YoY); strong enterprise sales execution and migration momentum; RPO $3.3B (+42% YoY) .
- Leadership transition: Company announced Joe Binz will retire as CFO effective June 30, 2026, after nearly four years, citing successful Server-to-Cloud transformation and enterprise scaling achievements .
Governance, Pay Practices, and Peer Benchmarking
- Say-on-Pay: 97.6% approval at the 2024 Annual Meeting; continued annual vote cadence .
- Compensation mix: For non-CEO NEOs, >95% of target pay is performance-linked, ~90% equity; heavy RSU usage over options; capped incentive payouts; clawback and post-vest holding requirements .
- Peer group (FY2025) for benchmarking: Autodesk, Block, CrowdStrike, Datadog, DocuSign, Intuit, Okta, Palo Alto Networks, Salesforce, ServiceNow, Shopify, Snowflake, Splunk, Twilio, Veeva, Workday, Zoom Video .
Compensation Structure Analysis
- Shift toward RSUs (lower risk vs options) and substantial equity at grant supports retention but introduces quarterly vest-driven selling pressure; no executive stock options and policy disallows repricing .
- Bonus plan simplicity anchors to Cloud revenue outcomes; FY2025 payout at 96.6% signals near-target performance rigor without discretionary overrides .
- No broad tax gross-ups; none disclosed for Binz (note: a relocation tax gross-up applied to another NEO, not the CFO) .
Investment Implications
- Alignment: Binz’s compensation is primarily equity-based with stringent 7-year post-vest holding, reinforcing long-term alignment and dampening near-term sell pressure despite quarterly vesting .
- Retention and transition risk: Announced retirement (effective 6/30/2026) initiates a predictable CFO succession track; watch for continuity in Cloud growth and margin trajectory and any compensation shifts tied to new CFO onboarding .
- Trading signals: Quarterly RSU vesting creates systematic potential supply; monitor Form 4 activity and any 10b5-1 plans within policy constraints, alongside episodic vest peaks (Feb/May/Aug/Nov) .
- Change-of-control economics: Double-trigger acceleration if awards are assumed, plus meaningful equity acceleration valuation, suggests adequate protection without shareholder-unfriendly single-trigger windfalls under assumed awards .