Shantanu Narayen, the Indian-origin Chief Executive Officer of Adobe, has decided to step down after leading the US-based software major for 18 years. Adobe is headquartered in San Jose, California, and Narayen has served as CEO since 2007.
During his tenure, Adobe expanded beyond being a traditional software company and strengthened its position in cloud and AI-driven offerings. The company’s annual revenue is reported to have grown nearly six-fold to about $24 billion compared with the period when he took charge.
Narayen is also credited in the industry with successfully shifting Adobe’s business model from one-time software purchases to recurring payments. However, questions have been raised among investors about the company’s direction amid the rapid rise of generative AI tools.
Adobe said it is focused on selecting the right leader for the company’s next chapter and thanked Narayen for ensuring continuity. The company added that he will remain in the role until a new CEO is appointed.
