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Adobe CEO Shantanu Narayen says he will step down as CEO after successor has been named
Shantanu Narayen will step down after nearly two decades leading Adobe’s growth and AI integration; the company posted 12% revenue growth and record cash flow in Q1, CFO said.
- On Thursday after the bell, Adobe said Shantanu Narayen will step down as CEO once a successor is appointed, and he will remain chair of the board.
- Shantanu Narayen has overseen Adobe since 2007, shifting it to the Creative Cloud subscription model and expanding via generative artificial intelligence amid market debate on software pricing.
- Adobe reported $6.4 billion in revenue and adjusted EPS of $6.06 for the quarter ended Feb. 27, with subscription sales at $4.39 billion.
- The stock slipped after the announcement, with Adobe shares down about 6% in extended trading and nearly 23% year-to-date as of Thursday's close amid investor concerns about AI-driven disruption.
- Amid succession planning, Narayen said he will work 'over the coming months' with Frank Calderoni and the board to identify a successor while emphasizing Adobe's AI-driven growth.
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57 Articles
Adobe Tumbles 8% Despite Record Earnings as CEO Announces Departure
Adobe (NASDAQ:ADBE) delivered what should have been a celebrated earnings report Thursday evening. Revenue hit $6.4 billion, up 12% year over year, beating the consensus estimate, while AI-first Annualized Recurring Revenue more than tripled. Yet, ADBE stock declined roughly 8% in Friday premarket trading, sitting near $247 as investors process two uncomfortable realities at once: ... Adobe Tumbles 8% Despite Record Earnings as CEO Announces Dep…
Channel News Asia
CP24Adobe shares drop after CEO exit adds to AI-disruption concerns
March 13 : Adobe's shares plunged 9 per cent in premarket trading on Friday after the Photoshop maker said CEO Shantanu Narayen would step down after 18 years at the helm, unsettling investors already wary of AI-driven disruptions to the design software market.The longtime CEO's exit comes at a critical junct
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