Asana (ASAN) Shakes Up Leadership: Dan Rogers Takes Helm as New CEO

Asana's board just handed the keys to Dan Rogers—because nothing says 'innovation' like a fresh suit in the C-suite.

New sheriff in town

The workflow software giant swaps CEOs while Wall Street yawns. Rogers steps into the role with the usual promises of 'strategic vision' and 'operational excellence.'

Prove-it season begins

Investors get another leadership lottery ticket. Will Rogers' tenure pump ASAN's valuation or join the graveyard of failed tech turnarounds? Place your bets—the house always wins.

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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.