On 17 July 2025, Toronto-based password-manager 1Password announced that long-time executive and co-CEO Jeff Shiner is moving into the role of executive chair, ending more than a decade of day-to-day leadership.
David Faugno, who joined the firm as co-CEO in October 2024, becomes sole CEO and takes a seat on the board. The company framed the hand-over as the next step in its scale-up journey.
From Start-up to Scale-up
Founded in 2005, 1Password grew from a small Mac password tool to a global cybersecurity platform serving more than 100 000 business customers, including IBM and Slack. Under Shiner, the firm reached unicorn status in 2019 and closed a US$620 million Series C in 2022—one of Canada’s largest tech rounds.
Shiner will now focus on long-term strategy while Faugno steers daily operations. Faugno’s background includes CFO and COO roles at Qualtrics and Sonos, giving him experience in scaling systems and guiding firms toward public markets.
Why Governance Shift Matters
The transition arrives as late-stage SaaS players face AI disruption, B2B churn and investor pressure for capital discipline. A single-CEO structure with deep operational expertise provides clearer accountability and aligns with expectations for an eventual IPO.
“The trust Jeff placed in me is something I hold in the highest regard,” Faugno wrote on LinkedIn. Shiner, in the same post, expressed full confidence in Faugno and the company’s direction.
For Canada’s SaaS scene, the move is a playbook moment: founders and boards are recognising the need for institutional governance once product-market fit and global scale are in place. Building is no longer enough; scaling wisely is the new mandate, and 1Password has signalled it intends to meet that standard.
