tech
March 12, 2026
Adobe CEO Shantanu Narayen says he will step down after company installs successor
Shantanu Narayen led Adobe through a transition to subscription software, and he's been positioning it to grow in the artificial intelligence age.
TL;DR
- Adobe CEO Shantanu Narayen plans to step down after a successor is appointed, retaining his role as chair.
- The company's shares fell 7% in extended trading after the announcement.
- Narayen led Adobe's successful transition from software licenses to subscriptions and is preparing the company for growth in the AI era.
- Adobe reported first-quarter earnings per share of $6.06 and revenue of $6.40 billion, both exceeding analyst expectations.
- Annualized revenue from AI-first products more than tripled.
- Adobe's stock has declined significantly in 2026 and is down from its 2021 record.
- Narayen will continue as CEO to ensure a smooth transition and will remain on the board.
- The failed acquisition of Figma resulted in a $1 billion breakup fee for Adobe.
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