Key Takeaways

Shares of Asana ( ASAN ) sank more than 25% Tuesday on news CEO Dustin Moskovitz was stepping down, and the work management platform provider gave a weak fiscal 2026 outlook.

The company announced that company co-founder Moskovitz has decided to leave as soon as a new CEO is named. Asana added that Moskovitz will continue as board chair and plans to retain his shares.

Moskovitz said he would give his full assistance to the board and his successor, noting that by giving up the day-to-day responsibilities of running the company he'll be able to "focus on what I do best—contributing to product vision, strategic guidance, and helping navigate the AI landscape that's reshaping our industry." He also plans to spend more time with the Good Ventures and Open Philanthropy charities.

The company explained that it has brought in an executive search firm to find Moskovitz’s replacement.

Former Facebook Engineer Moskovitz Co-Founded Asana in 2008

The San Francisco-based Asana was founded 17 years ago by Moskovitz and Justin Rosenstein, who met while both were leading engineering teams at Facebook, now part of Meta Platforms ( META ). The two came up with the idea of creating a technology that would make it easier for employees to coordinate their work.

Along with the Moskovitz news, the company reported that it expects fiscal 2026 revenue of $782 million to $790 million, while analysts surveyed by Visible Alpha were looking for $803.6 million.

Asana shares, which were down 28% about 30 minutes after the opening bell Tuesday, have lost 36% of their value over the past year.

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