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Adobe
said CEO Shantanu Narayen will step down after a successor has been appointed, and he will remain as the design software company’s chair. Shares tumbled 7% in extended trading.
Narayen joined Adobe in 1988 as a vice president and general manager, and he became CEO in 2007. Under Narayen, Adobe pushed from software licenses to subscriptions to its Creative Cloud application bundle, and the company is now working to expand through generative artificial intelligence. He sought to acquire fast-growing design software company Figma
, but regulators pushed back, and the companies called off the deal, resulting in Adobe paying Figma a $1 billion breakup fee.
