Software firm Asana (ASAN) has named former ServiceNow (NOW) executive Dan Rogers as its new CEO.
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Rogers replaces Asana co-founder Dustin Moskovitz, who is stepping down from the CEO role. Rogers will start at San Francisco-based Asana on July 21, the company announced. He will leave his current post as CEO of LaunchDarkly, a privately held software start-up focused on code updates.
Moskovitz previously co-founded Facebook parent company Meta Platforms (META) before leaving to start Asana in 2008. In March, Asana announced that Moskovitz is retiring but will continue as chair of Asana’s board of directors.
AI Push
The CEO transition comes as Asana works to diversify its artificial intelligence (AI) tools. Asana’s AI software generated more than $1 million in annualized revenue during the company’s most recent quarter. Moskovitz, whose net worth is estimated at $11 billion, received compensation of $1 per year from Asana.
As the new CEO, Rogers will receive a $650,000 base salary and $35 million in restricted stock units. Before joining LaunchDarkly, Rogers was head of marketing at ServiceNow. He has also held senior roles at Amazon (AMZN), Microsoft (MSFT), and Salesforce (CRM).
Since going public in 2020, Asana’s stock has steadily declined. The shares are down 55% over the past five years. As the share price has fallen, Moskovitz has bought more of the company. He currently owns about 39% of Asana’s outstanding shares, according to data from FactSet.
Is ASAN Stock a Buy?
The stock of Asana has a consensus Hold rating among 16 Wall Street analysts. This rating is based on four Buy, eight Hold, and four Sell recommendations issued in the last three months. The average ASAN price target of $16.13 implies 24.17% upside from current levels.
