Adobe CEO Shantanu Narayen Steps Down Amid Strong Earnings, Shares Plunge 7% on Leadership Uncertainty
Summary
Adobe CEO Shantanu Narayen announces his resignation after 18 years at the helm, sending shares plunging 7% despite the company posting record-beating quarterly revenue of $6.40 billion and tripling its AI-driven product sales year over year.
Key Points
- Adobe CEO Shantanu Narayen announces he will step down once a successor is named, remaining as board chair after leading the company since 2007.
- Adobe reports strong fiscal first-quarter results, beating expectations with $6.40 billion in revenue and $6.06 adjusted EPS, while AI-first product revenue more than triples year over year.
- Adobe shares fall 7% in extended trading following the leadership news, adding to a nearly 23% decline in 2026 amid broader investor concerns over AI disruption in the software sector.