“The Sydney-based company has been one of the worst-performing stocks on the #Nasdaq this year amid fears that #AI platforms could wreak havoc on its business model.

Its shares have more than halved this year and lost two-thirds of their value over the past 12 months. #Atlassian said in an exchange filing that chief technology officer (#CTO) Rajeev Rajan, who has been with the company for four years, would step down as part of the restructuring. The company said it expected up to $236mn in costs associated with severance payments, benefits and office space reduction.

In a note to staff, #CannonBrookes said its fundamental approach was not that “AI replaces people” but that the company needed to adapt. “It would be disingenuous to pretend AI doesn’t change the mix of skills we need or the number of roles required,””

That BS line, (not that) “AI replaces people” … sacks 1000 workers and most tellingly the CTO; Presumedly because he’s not perceived as AI-enough.

The mix is clear.

#WhiteCollar / #ZeroHourWork / #Australia / #software <https://archive.md/4J7OZ> / <https://ft.com/content/cc10adff-7043-4471-bf13-94e9a694613f> (paywall)