Asana names Sonalee Parekh as new CFO

By Bobby Samwell • Wednesday, September 04 08:03 • Permanent Link

Asana, Inc. (NYSE: ASAN)(LTSE: ASAN) has announced the appointment of Sonalee Parekh as its new Chief Financial Officer, effective September 11, 2024, succeeding Tim Wan who has served in the role since 2017. Parekh brings over 25 years of experience in the technology and banking sectors to Asana, having previously held executive finance roles at leading public companies such as RingCentral and Hewlett Packard Enterprise.

During her tenure as CFO at RingCentral, Parekh oversaw a doubling of operating profit while maintaining double-digit revenue growth and exceeding $2 billion in annual recurring revenue (ARR). She was also instrumental in the company's successful expansion into a multi-product portfolio. At HPE, Parekh played a critical role in the company's transition to an as-a-service business model and led key acquisitions in high growth areas. Parekh has also held senior leadership roles at global investment banks including Goldman Sachs, Jefferies, and Barclays Capital.

In welcoming Parekh to the leadership team, Asana's co-founder and CEO Dustin Moskovitz highlighted her public company experience, market perspective, and proven track record of driving growth and profitability at scale. Moskovitz expressed confidence in Parekh's ability to support the company's next phase of growth and innovation, particularly in leveraging AI in the work management category to drive productivity and efficiency benefits for workers across the globe.

Meanwhile, the exiting CFO, Tim Wan, has been integral to the company's growth, with revenue growing to more than $689 million under his leadership. Wan will remain with the company in an advisory position to support the transition.

This change in leadership comes as Asana continues to navigate a pivotal moment in the software industry, with the potential for AI to reshape not only the work management category but the entire software industry. As Parekh takes the reins as CFO, her experience overseeing efficient growth during critical inflection points positions her to play a key role in driving Asana's next phase of growth. As a result of these announcements, the company's shares have moved -5.5% on the market, and are now trading at a price of $13.29. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.