Adobe CEO Shantanu Narayen is stepping down after 18 years, the company announced alongside its first-quarter earnings report. Adobe stock fell more than 8% in premarket trading after the news.
Adobe said, “Shantanu Narayen, who has served as CEO of Adobe for eighteen years, has decided to transition from his position as CEO after a successor has been appointed. Narayen will remain as Chair of the Board. The Board of Directors has appointed Frank Calderoni, Lead Independent Director of Adobe, as Chair to the special committee to direct the process that will consider both internal and external candidates.”
In a letter to employees, Narayen said, “I love Adobe and the privilege of leading it has been the greatest honor of my career. I will ensure that I set up Adobe for its next decade of greatness with the right leader and executive team, in partnership with the Board, while continuing to deliver on our FY26 Must Wins.”
The news was announced along with Adobe achieving record revenue of $6.40 billion in its first quarter of FY2026, representing 12% year-over-year growth.
“Adobe delivered record Q1 results with AI-first ARR more than tripling year over year and subscription revenue growing 13 percent. Our mission to empower everyone to create represents an even larger opportunity as content powers all experiences in the AI era.” Narayen said.
“Adobe delivered 13 percent subscription revenue growth and record Q1 cash flow of $2.96 billion,” said Dan Durn, executive vice president and CFO, Adobe. “As we accelerate AI-powered capabilities across creativity, productivity and customer experience orchestration, Adobe is well positioned for continued profitable growth.”
Looking ahead to the second quarter, Adobe predicts revenue between $6.43 billion and $6.48 billion.
By CEO NA Editorial Staff
