Adobe CEO Shantanu Narayen steps down after successor is appointed, shares fall 7%

San Jose (California) [US], March 13 (ANI): Shantanu Narayen steps down from the role of Chief Executive Officer of Adobe after a successor is appointed, but will remain as Chair of the company, the design software firm said in an official statement.
The announcement was made during the company's financial results for its first quarter FY2026 ended Feb. 27, 2026. Following the announcement, shares of Adobe listed on the NASDAQ Composite tumbled 7 per cent in extended trading.
In an exchange filing to Nasdaq, the company said Narayen, who has served as CEO of Adobe for eighteen years, has decided to transition from the role after the board appoints his successor.
"Shantanu Narayen, who has served as CEO of Adobe for eighteen years, has decided to transition from his position as CEO after a successor has been appointed. Narayen will remain as Chair of the Board," the company said in its filing.
The company added that its Board of Directors has initiated the process of identifying a successor and has formed a special committee to oversee the selection.
"The Board of Directors has appointed Frank Calderoni, Lead Independent Director of Adobe, as Chair to the special committee to direct the process that will consider both internal and external candidates," the filing stated.
Narayen joined Adobe in 1988 as a vice president and general manager and later became the CEO in 2007.
During his tenure, Adobe made a significant shift in its business model by moving from traditional software licenses to subscription-based services through its Creative Cloud application bundle.
Under his leadership, the company expanded its portfolio of digital tools and solutions and is now focusing on growth opportunities in generative artificial intelligence.
Congratulating Narayen on his tenure, Microsfot CEO Satya Nadella praised his leadership and contribution to the technology industry.
"Congrats Shantanu, on a legendary run at Adobe! You've built one of the most important software companies in the world and expanded what's possible for creators, entrepreneurs, and brands everywhere," Nadella said.
He added that Narayen's leadership and approach to the creative ecosystem have had a lasting impact on the industry.
"What has always stood out to me is the empathy you've brought to the creative process and the example you've set as a leader. Grateful for your friendship, mentorship, and for all you've done for Adobe and for our industry," Nadella said.
Adobe said Narayen will continue to serve as Chair of the Board while the company proceeds with the process of selecting its next CEO. (ANI)