Adobe CEO Shantanu Narayen Plans Transition After 18 Years Amid AI Pressures

Adobe announced that CEO Shantanu Narayen will step down after a successor is appointed, and will remain as board chair. Narayen joined Adobe in 1988 and became CEO in 2007, leading the company's transformation from software licenses to Creative Cloud subscriptions and expanding into generative artificial intelligence. Shares tumbled 7% in extended trading following the announcement. Adobe is grappling with a changing software landscape where artificial intelligence is lowering barriers to entry for design. The Board appointed Frank Calderoni, Lead Independent Director, to chair the special committee directing the search for both internal and external candidates. Under Narayen's watch, Adobe's stock jumped more than sixfold, making flagship products like Photoshop and Illustrator household names. The transition comes as Adobe navigates mounting pressure to deliver on AI innovations.

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