Shantanu Narayen, the longtime chief executive of Adobe, said Thursday that he plans to step down after the company selects a successor, setting up a major leadership transition at one of the Bay Area’s biggest and most influential tech companies.
Adobe, headquartered in San Jose, said Narayen will remain chair of the board.
The change comes after 18 years with Narayen as CEO, a period during which Adobe helped define the software business by shifting products such as Photoshop and Acrobat to subscription models and expanding into creative, marketing and document software.
“Over the coming months, I will be working with Frank Calderoni, our lead Director, and the Board of Directors to identify my successor and to ensure a smooth transition,” Narayen wrote in a memo to employees. “I will stay on as Chair of the Board to support the next CEO just as John and Chuck did when I took on this role.”
Adobe said Calderoni will chair a special committee overseeing the search and that both internal and external candidates will be considered. Narayen will remain CEO until a replacement is named.
Adobe reported that first-quarter revenue rose 12% from a year earlier to $6.40 billion. Adobe also said AI-first annualized recurring revenue more than tripled year over year.
For the current quarter, Adobe forecast revenue of $6.43 billion to $6.48 billion, and reaffirmed its fiscal 2026 targets.