Rajeev Rajan
Chief Technology Officer at TEAM
Executive
About Rajeev Rajan
Rajeev B. Rajan is Atlassian’s Chief Technology Officer, serving since May 2022. He is age 55, with prior senior engineering leadership roles at Meta (VP Engineering; Head of Office Pacific Northwest; Engineering Director) and a long tenure at Microsoft (1994–2017). He holds a Bachelor of Engineering in Computer Science from BITS Pilani and an M.S. in Computer Science from The Ohio State University . During his tenure, Atlassian’s pay-versus-performance disclosures show cumulative TSR values of $89.5, $94.4, and $108.4 for a hypothetical $100 investment in FY 2023–FY 2025 respectively, while the company delivered Cloud revenue growth of 38%, 30%, and 28% in those same years .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Meta Platforms, Inc. | VP, Engineering; Head of Office – Pacific Northwest Region | Mar 2021–May 2022 | Head of Office role in PNW; VP Engineering leadership |
| Meta Platforms, Inc. | Engineering Director | Jul 2017–Mar 2021 | Senior engineering leadership |
| Microsoft Corporation | Various engineering roles | Sep 1994–Jul 2017 | Long-term engineering experience across roles |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | None disclosed for Rajan in Atlassian filings |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | 543,750 | 550,000 | 568,750 |
| Target Bonus % of Salary | 60% | 60% | 60% |
| Target Bonus ($) | 326,250 | 330,000 | 341,250 |
| Actual Bonus Paid ($) | 147,370 | 315,520 | 329,650 |
| Payout vs Target (%) | 45.0% | 95.6% | 96.6% |
| All Other Compensation ($) | 12,304 (incl. 401k match) | 15,342 (incl. 401k match) | 17,306 (incl. 401k match) |
Performance Compensation
Annual Cash Incentive Metrics (Cloud & Marketplace Cloud Revenue)
| Metric ($ in millions unless noted) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Threshold | 2,133 | 2,414 | 3,067 |
| Target | 2,370 | 2,840 | 3,609 |
| Maximum | 2,607 | 3,266 | 4,150 |
| Actual | 2,144 | 2,778 | 3,547 |
| Payout (%) | 45.0% | 95.6% | 96.6% |
| YoY Cloud Revenue Growth (%) | 38% | 30% | 28% |
FY 2025 Incentive Design Summary (Rajan-specific)
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Incentive | Cloud & Marketplace Cloud Revenue | 100% | $3,609mm | $3,547mm | 96.6% of target ($329,650) | N/A (cash) |
| Annual Equity Award (RSUs) | Time-based RSUs | N/A | $12.8mm target value | 83,826 RSUs granted (grant-date FV $13,514,428) | N/A | Quarterly vesting; 6.25% per quarter over 16 quarters (Feb/May/Aug/Nov) |
RSU Grants and Vesting History
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Annual RSU Grant – Shares (#) | 53,750 (granted 9/28/2023) | — | 83,826 (granted 9/27/2024) |
| Annual RSU Grant – Grant-Date Fair Value ($) | $10,585,525 | — | $13,514,428 |
| RSUs Vested – Shares (#) | 30,171 | 40,249 | 59,325 |
| RSUs Vested – Value Realized ($) | $5,421,399 | $7,631,713 | $14,353,382 |
| Options Outstanding | None (NEOs do not hold options) |
Equity Ownership & Alignment
Beneficial Ownership
| As-of Date | Shares Beneficially Owned | Ownership % of Outstanding |
|---|---|---|
| Sep 30, 2023 | 24,797 | <1% (“*” per table) |
| Sep 30, 2024 | 48,483 | <1% (“*” per table) |
Unvested RSUs by Grant (Year-End)
| FY 2023 (Price $167.81) | Shares Unvested | Market Value ($) |
|---|---|---|
| 6/15/2022 Grant | 90,513 | $15,188,987 |
| FY 2024 (Price $176.88) | Shares Unvested | Market Value ($) |
|---|---|---|
| 6/15/2022 Grant | 60,342 | $10,673,293 |
| 9/28/2023 Grant | 43,672 | $7,724,704 |
| FY 2025 (Price $203.09) | Shares Unvested | Market Value ($) |
|---|---|---|
| 6/15/2022 Grant | 30,171 | $6,127,428 |
| 9/28/2023 Grant | 30,235 | $6,140,426 |
| 9/27/2024 Grant | 68,109 | $13,832,257 |
- RSU vesting schedules are time-based with quarterly vesting events (Feb, May, Aug, Nov), typically 6.25% per quarter for 16 quarters; some grants use front-loaded first-quarter vest before moving to 6.25% quarterly cadence .
- Company policy prohibits hedging and pledging of Atlassian stock by insiders unless approved by the Audit Committee .
Employment Terms
| Provision | Standard Terms | Rajan – FY 2025 Estimated Benefits |
|---|---|---|
| Severance (Non-CoC) | 9 months base salary; COBRA premium continuation up to 6 months | Cash $431,250; COBRA $14,946; Total $446,196 |
| Severance (CoC – Double Trigger) | 12 months base salary + 100% of target bonus; equity acceleration generally 100% if assumed/continued; performance awards deemed at target | Cash $920,000; COBRA $29,892; Equity Acceleration $26,100,111; Total $27,050,003 (assumes CoC on 6/30/2025) |
| Equity Assumption vs. Not Assumed | If not assumed by successor, full acceleration | Full acceleration if not assumed |
| Clawback / Ownership Guidelines | Annual equity awards subject to holding requirements; ownership/holding framework overseen by CLDC | Holding requirements apply |
Investment Implications
- Strong pay-for-performance alignment in cash incentives: Rajan’s annual bonus is 100% formulaic on Cloud & Marketplace Cloud revenue, with payouts tracking actual attainment (45.0% in FY23; 95.6% in FY24; 96.6% in FY25), reinforcing focus on growth and scale of cloud migrations .
- Heavy equity mix and sizable unvested RSUs create retention gravity: Multiple tranches remain unvested across 2022–2024 grants (e.g., 68,109 RSUs from Sep-2024 and 30,235 RSUs from Sep-2023 as of FY25), pointing to meaningful future vest value and retention incentives .
- No options and time-based RSUs reduce risk-taking skew but add scheduled supply: The NEOs hold no options; RSUs vest quarterly and generated significant value realized on vesting ($14.35m for Rajan in FY25), which can translate to periodic selling pressure depending on trading plans .
- Change-in-control economics are standard double-trigger with full acceleration: Under a qualifying CoC termination, Rajan would receive 12 months base + 100% target bonus and typically 100% equity acceleration, creating potential executive liquidity but also aiding retention through transaction uncertainty .
- Ownership alignment exists but is modest in absolute terms: Beneficial ownership remained <1% with 48,483 shares as of Sep 30, 2024; however, policy restricts hedging and pledging, and annual equity awards include holding requirements, reinforcing alignment .
Notable: Rajan publicly advocates “developer joy” and AI-driven productivity in Atlassian’s engineering organization; his commentary in the DX acquisition announcement aligns with a focus on measured AI impact and R&D efficiency .