Jeff Shiner, who currently leads the Toronto-headquartered scaleup, will now share the job. Phoenix-based Faugno joined the firm as president and COO in September 2023 from 1Password investor Accel. (The Logic)

Talking point: The cloud-based identity-management company has been launching new features and making acquisitions since securing a US$620-million Series C at a US$6.8-billion valuation in January 2022. At the time, the round was the largest Canadian private tech financing, until legaltech scale-up Clio surpassed it in July with a US$900-million deal.  Traditionally self-funded, 1Password sought outside investors in part to tap the expertise of backers Accel and Iconiq Capital for a potential public offering, Shiner told The Logic last year. New co-CEO Faugno was also previously Qualtric’s CFO. During his time there, the firm navigated multiple ownership changes: it filed for an IPO; then was acquired by SAP; which spun it out in an IPO; only for it to be taken private again by Silver Lake and CPP Investments.