Adobe beats expectations but another top executive leaves, putting pressure on its stock
A bad day for the creative software company Adobe Inc. was made even worse after it revealed another top executive is departing. The news overshadowed a solid earnings and revenue beat.
The company said today that its Chief Financial Officer Dan Durn is going to leave on June 15, having served in the role for almost five years, seeking a new “professional opportunity.” He will be replaced by Steve Day, senior vice president of corporate finance and the CFO of the Customer Experience Orchestration business, on an interim basis.
The market reacted negatively to the news, which came just three months after longtime Chief Executive Shantanu Narayen (pictured) announced his own plans to step down from the company later in the year, once a successor has been found. Narayen has served as the company’s CEO for 18 years, notably overseeing the company’s shift from selling packaged software to a software-as-a-service model. Adobe’s stock fell more than 5% in late trading, having already slumped more than 6% during the regular trading session, as the announcement appeared to eclipse an upbeat financial report.
