The stock of software company Asana (ASAN) has plummeted 27% on news that CEO Dustin Moskovitz is retiring.
Moskovitz, who is one of the original founders of Facebook, has run Asana since creating the company in 2008.
His retirement was announced along with Asana’s fourth-quarter 2024 earnings report. Asana’s software helps teams organize, track, and manage their work.
The board of directors said it has retained an executive search firm to help choose a new CEO. Moskovitz plans to transition to the role of board chair once a new CEO for Asana is selected.
In addition to news of the CEO retiring, Asana announced that its fourth-quarter sales rose 10% year-over-year to $188.3 million U.S., which was in-line with analyst estimates.
The company said its earnings per share (EPS) was breakeven, which was slightly ahead of analyst estimates that called for a loss of -$0.01 U.S.
Looking ahead, Asana forecast first-quarter revenue of $184.5 million U.S. to $186.5 million U.S., below analyst expectations of $191 million U.S.
Moskovitz owns about 53% of Asana’s stock. He has increased his ownership since the company went public in 2020.
Forbes magazine estimates Moskovitz’s net worth at more than $16 billion U.S., mostly from his Facebook stake.
Before today (March 11), Asana stock had fallen 16% this year and was trading at $16.68 U.S. per share.
