Asana CEO Dustin Moskovitz to Retire as Company Faces Market Challenges

San Francisco, CA — Dustin Moskovitz, CEO of Asana and co-founder of Facebook, announced his retirement from the software company on Monday as part of its fiscal fourth-quarter earnings report. His decision comes as Asana searches for a new CEO, having engaged an executive search firm to assist in the transition.

In a statement, Moskovitz expressed gratitude for his time leading the company he co-founded in 2008. He stated, “Creating and leading Asana has been more than just building a company — it’s been a profound privilege to work alongside some of the most talented minds in the industry.” He plans to transition to the role of Chair once a new CEO is appointed.

Under Moskovitz’s leadership, Asana reported a 10% year-over-year increase in fourth-quarter sales, totaling $188.3 million, which aligned with analyst expectations. The company also posted adjusted earnings per share that met expectations, reporting breakeven results.

Despite this positive performance, Asana projected that its first-quarter revenue would fall short of analyst expectations, estimating between $184.5 million and $186.5 million while analysts had predicted $191 million.

Following the earnings announcement, Asana’s stock price experienced a significant decline, dropping over 25% in after-hours trading. Moskovitz, who owns approximately 53% of the company’s outstanding shares, has seen significant fluctuations in his ownership since Asana’s public listing in 2020.

Reflecting on the past two years in the tech sector, Moskovitz noted, “It’s been a wild two years in the market and there have been some interesting buying opportunities.” His insights indicate a recognition of the challenges facing the technology industry amid ongoing fluctuations.

As the company looks forward to its future leadership, the transition period will be crucial for maintaining investor confidence and navigating a competitive digital landscape. Stakeholders await further updates regarding the search process for Asana’s next CEO.