Shares of Asana (ASAN) sank greater than 25% Tuesday on information CEO Dustin Moskovitz was stepping down, and the work administration platform supplier gave a weak fiscal 2026 outlook.

The corporate introduced that firm co-founder Moskovitz has determined to go away as quickly as a brand new CEO is known as. Asana added that Moskovitz will proceed as board chair and plans to retain his shares.

Moskovitz mentioned he would give his full help to the board and his successor, noting that by giving up the day-to-day duties of operating the corporate he’ll be capable to «concentrate on what I do finest—contributing to product imaginative and prescient, strategic steering, and serving to navigate the AI panorama that is reshaping our business.» He additionally plans to spend extra time with the Good Ventures and Open Philanthropy charities.

The corporate defined that it has introduced in an government search agency to seek out Moskovitz’s alternative. 

Former Fb Engineer Moskovitz Co-Based Asana in 2008

The San Francisco-based Asana was based 17 years in the past by Moskovitz and Justin Rosenstein, who met whereas each have been main engineering groups at Fb, now a part of Meta Platforms (META). The 2 got here up with the thought of making a know-how that will make it simpler for workers to coordinate their work.

Together with the Moskovitz information, the corporate reported that it expects fiscal 2026 income of $782 million to $790 million, whereas analysts surveyed by Seen Alpha have been in search of $803.6 million.

Asana shares, which have been down 28% about half-hour after the opening bell Tuesday, have misplaced 36% of their worth over the previous yr.