Who will be next CEO of Adobe as Shantanu Narayen steps down after 18 years?

Adobe’s chief executive, Shantanu Narayen, who built the software giant from traditional licenses to subscription-based Creative Cloud, announced his exit on Thursday, March 12.

The 62-year-old will work as the chairman of the board after leading the company for 18 years.

During his tenure, the company’s stock rose more than 540%.

In a memo to employees, Naryan told: “Over the coming months, I will be working with Frank Calderoni, our lead Director and the Board of Directors to identify my successor to ensure a smooth transition.”

Following the footsteps of his predecessors, John Warnock and Chuck Geschke, he decided to stay on to support the next CEO.

This significant change comes amid the company’s struggle to convince investors that it can outpace AI-driven disruptions reshaping the software industry.

Following the announcement, company shares tumble nearly 23%. The exit of the CEO combines with the broader concerns that generative AI models could upend Adobe’s creative software dominance.

The financial figures of the company’s first quarter beat the expectations by raising the revenue to 12% ($6.40 billion). However, the impressive figures still failed to impress Wall Street.

AI-first annualised recurring revenue more than tripled year over year, yet investors remain skeptical.

Who will be the new CEO of Adobe?

To search Naraya’s successor, Frank Calderoni, Adobe’s lead independent director, will chair a special committee overseeing the search and is expected to consider both internal and external candidates.