Software firm Asana (ASAN) has named former ServiceNow (NOW) executive Dan Rogers as its new chief executive officer (CEO).
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 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.
The CEO transition comes as Asana works to diversify its artificial intelligence (A.I.) tools.
Asana’s A.I. software generated over $1 million U.S. in annualized revenue during the company’s most recent quarter.
Moskovitz, whose net worth is estimated at $11 billion U.S., has received $5 U.S. in total compensation over the past five years, or $1 U.S. per year.
As Asana’s new CEO, Rogers will receive a $650,000 U.S. base salary and $35 million U.S. in restricted stock units. Rogers will also be eligible for a $650,000 U.S. annual bonus.
Before joining LaunchDarkly, Rogers was head of marketing at ServiceNow. He has also held roles at Amazon (AMZN), Microsoft (MSFT), and Salesforce (CRM).
Since going public in 2020, Asana’s stock has steadily declined. The shares currently trade at $12.93 U.S., down 50% over the past five years.
As the share price has fallen, Moskovitz has bought up more and more of the company. He currently owns about 39% of Asana’s outstanding shares, according to data from FactSet.
