Adobe is preparing to name a new chief executive as the creative software giant pivots toward a more aggressive AI strategy. The announcement, expected as early as Thursday, caps a months-long search that began when CEO Shantanu Narayen announced in March that he would step down once a successor was found.
The leadership change arrives at a moment when Adobe’s stock has been punished by investors who worry the company isn’t moving fast enough on AI monetization. Shares have dropped roughly 25% year-to-date, and the initial announcement of Narayen’s departure sent the stock tumbling more than 7% in after-hours trading alone.
Why the change, and why now
Narayen led Adobe for over 18 years. During that stretch, he transformed the company from a boxed-software seller into a cloud subscription powerhouse. Adobe’s Q1 2026 earnings showed a 12% increase in revenue year-over-year. More notably, the company’s AI-first annual recurring revenue tripled during the same period.
Narayen will remain as board chair during the transition. The board has been evaluating both internal and external candidates, with a specific focus on finding someone with deep expertise in AI monetization strategies.
