Sonalee Parekh
Chief Financial Officer at ASAN
Executive
About Sonalee Parekh
Sonalee Parekh (age 52) is Asana’s Chief Financial Officer, appointed effective September 11, 2024. She previously served as CFO of RingCentral (May 2022–Aug 2024) and as Divisional CFO/SVP Corporate Development & Investor Relations at Hewlett Packard Enterprise (Sep 2019–Apr 2022); she holds a B.Comm. from McGill University and is a Chartered Accountant . Under Asana’s FY2025 performance, revenue was $723.9M (+11% YoY) and FY2025 TSR was +21% (TSR since direct listing -21%), with guidance targeting non-GAAP profitability beginning Q1 FY26 and ≥5% non-GAAP operating margin for FY26 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| RingCentral | Chief Financial Officer | May 2022 – Aug 2024 | Responsible for accounting, FP&A, treasury, tax, internal audit, and investor relations . |
| Hewlett Packard Enterprise | Divisional CFO; SVP Corporate Development & IR | Sep 2019 – Apr 2022 | Oversaw global M&A and integration, corporate strategy, strategic investments, and all buy/sell-side communications . |
| Goldman Sachs; Jefferies; Barclays Capital | Senior leadership roles (investment banking) | Prior to 2019 | Senior roles at global investment banks (no additional detail disclosed) . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Indie Semiconductor | Director; Audit Committee Chair | Current (as of Apr 30, 2025) | Public company board service with audit chair responsibilities . |
Fixed Compensation
| Component | FY2025 terms | Notes |
|---|---|---|
| Base salary | $750,000 (effective Sep 11, 2024) | New-hire base approved in connection with appointment as CFO . |
| Target bonus % | No annual cash bonus program for NEOs | Asana does not pay short-term incentive compensation; compensation emphasizes equity . |
| Perquisites | None material disclosed | No material perquisites; standard employee benefits . |
Performance Compensation
- Structure and metrics: Asana does not operate a short-term cash incentive program for NEOs; compensation is primarily time-based RSUs, with no disclosed PSU metrics or TSR/financial KPI weightings for payouts .
| Equity grant | Grant date | Shares (#) | Grant-date fair value ($) | Vesting |
|---|---|---|---|---|
| Initial RSU (new-hire) | 9/11/2024 | 1,126,127 | 13,141,902 | 35% vests on 9/20/2025; then 7.5% quarterly for 4 quarters from 12/20/2025; then 5% quarterly for 4 quarters from 12/20/2026; then 3.75% quarterly for 4 quarters from 12/20/2027 (continuous service required) . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (3/31/2025) | Not reported (no beneficial holdings shown in table) . |
| Unvested RSUs (1/31/2025) | 1,126,127 unvested RSUs; FY-end value $24,031,550 at $21.34/share . |
| Options | None disclosed for Ms. Parekh . |
| Hedging/pledging | Prohibited by insider trading policy (no hedging, no pledging, no margin) . |
| 10b5-1 trading plans | Permitted under policy with required cooling-off period . |
| Ownership guidelines | Executives must hold stock equal to 3x salary by the later of Feb 28, 2029 or five fiscal years from hire/promotion . |
| Clawback | Dodd-Frank–compliant clawback adopted May 2023 for current/former executive officers . |
Vesting cadence (potential supply/tax events):
- 35% of initial RSU vests 9/20/2025; quarterly vesting starts 12/20/2025 thereafter per schedule above. Company withholds shares to cover taxes upon vesting per policy, which affects settlement mechanics and reported value realization .
Employment Terms
| Topic | Terms |
|---|---|
| Employment | At-will; offer letter executed upon appointment (Sep 2024); standard IP and invention assignment agreement . |
| Severance plan (outside CIC) | If terminated without cause outside CIC period: lump sum equal to one-third of (base salary + target bonus, if applicable); 4 months of company health contribution; prorated acceleration only for cliff-vesting portions of time-based awards with ≥1-year cliff . |
| Severance plan (within CIC, double-trigger) | If terminated without cause or resigned for good reason within CIC period: lump sum equal to 1x (base salary + target bonus, if applicable) plus prorated target bonus for year of termination; 12 months of company health contribution; equity acceleration per remaining time to vest (100% if <4 years; 50% if 4–6 years; 25% if >6 years); PSUs at target (if any) . |
| Tax gross-ups | None for severance/CIC benefits . |
| Anti-hedging/pledging | Prohibited . |
Potential payments for Ms. Parekh (hypothetical, assuming event on 1/31/2025; amounts rounded as disclosed):
| Scenario | Accelerated equity ($) | Base + target bonus cash ($) | Health premiums ($) |
|---|---|---|---|
| Corporate transaction where awards not assumed/substituted | 24,031,550 | — | — |
| Termination outside CIC period | — | 250,000 | 13,303 |
| Termination within CIC period (double-trigger) | 24,031,550 | 750,000 | 39,910 |
Notes: “Corporate transaction” acceleration per 2020 EIP if awards are not assumed or substituted by the acquirer . Outside CIC cash equals one-third of salary+target bonus (if any); Asana does not operate an STI plan, so target bonus may be zero .
Investment Implications
- Pay-for-performance alignment: Compensation for Ms. Parekh is predominantly time-vested RSUs with no STI/PSU metrics disclosed, which simplifies alignment but reduces explicit pay linkages to revenue, profitability, or TSR outcomes; stock ownership requirements (3x salary) and a clawback provide alignment guardrails .
- Vest-related supply and selling pressure: A sizable 35% cliff on 9/20/2025 and subsequent quarterly vests create identifiable settlement dates. While hedging/pledging is prohibited and the company uses share withholding for taxes, the cadence can still influence insider activity windows and float dynamics around vest dates .
- Retention and change-of-control economics: The front-loaded multi-year RSU plus CIC double-trigger acceleration and 1x salary severance (within CIC) materially incentivize retention through the vest schedule and provide strong protection in strategic transactions, moderating voluntary departure risk in the near term .
- Execution record and focus: Ms. Parekh’s prior experience (RingCentral CFO; HPE divisional CFO/Corp Dev) and current CFO guidance emphasize operating discipline and profitability (positive FY2025 free cash flow; FY2026 non-GAAP profitability outlook), a constructive signal for margin trajectory and capital allocation .
- Governance and shareholder sentiment: Asana’s program includes anti-hedging/pledging, no tax gross-ups, independent consultant (Compensia), and a 2024 say-on-pay result of 99% support—factors that reduce governance risk around executive compensation .