Asana CEO Dustin Moskovitz announces retirement, stock price drops 25%

Asana announced Moskovitz’s retirement on Monday as part of the company’s fourth-quarter earnings report, and its board has retained an executive search firm to help choose a new CEO. Moskovitz notified its board “of his intention to transition to the role of Chair when a new CEO begins,” the company said Monday.

“As I reflect on my journey since co-founding Asana nearly 17 years ago, I’m filled with immense gratitude,” Moskovitz said in a statement.

“Creating and leading Asana has been more than just building a company — it’s been a profound privilege to work alongside some of the most talented minds in the industry to build a platform that is trusted by over 85% of Fortune 500 companies today,” said Moskovitz, who co-founded Asana in 2008.

The company’s stock price was down more than 25% in after-hours trading Monday.

WATCH: The market declines look more like a reversion to the Fed.