Asana has appointed former RingCentral CFO Sonalee Parekh as its own new Chief Financial Officer.
Announced as part of Asana's latest earnings call, which reported modest but stable growth, Parekh is replacing the outgoing CFO Tim Wan, who has served in the role since 2017. Parekh will take up the role effective September 11, 2024, with Wan remaining in an advisory position.
Asana says that Parekh will lead its global finance organisation and play a crucial role in overseeing the company's next phase of growth and innovation.
Parekh commented:
Asana is uniquely positioned to capitalise on the opportunity to leverage AI in the work management category to drive productivity and efficiency benefits for workers across the globe. I’m excited to partner with Dustin and Asana’s seasoned management team in driving Asana's next phase of growth."
Parekh joins with over 25 years of experience and expertise from her previous executive finance roles at prominent public companies. In addition to serving as CFO at RingCentral, she was Divisional CFO, Head of Corporate Development, and Investor Relations at Hewlett Packard Enterprise.
During her tenure as CFO at RingCentral, Parekh is credited with successfully navigating the company through a period of rapid growth. She doubled operating profit while maintaining double-digit revenue growth and surpassing $2 billion in annual recurring revenue (ARR). Additionally, she played a critical role in the company's successful expansion into a multi-product portfolio.
"Sonalee’s public company experience and market perspective, coupled with her proven track record of driving growth and profitability at scale, makes her the ideal person to partner with me and the leadership team as we execute on the large opportunity ahead of us," added Dustin Moskovitz, Asana’s co-founder and CEO.
"She’s had a front-row seat to some of the most transformative technology trends, and we’re in the midst of another pivotal moment. AI has the enormous potential to reshape not only the work management category but the entire software industry. Sonalee’s experience overseeing and fostering efficient growth during critical inflexion points will be invaluable to Asana.”
RingCentral says it has "initiated a search to identify a successor that will include both internal and external candidates" and that Parekh’s departure is not because of "any disagreement with the Company or the Board regarding its financial results, accounting principles, practices, or financial statement disclosures".
Asana's Operational Highlights This Quarter
Asana continues to double down on AI, as it did last quarter, citing business successes with its new AI Teammates solution and keen early adoption for its AI Studio Beta program. Moskovitz noted interest in this program from "industry leaders across various sectors, including media, technology, financial services, manufacturing, healthcare, professional services, and consumer goods".
