GoKawiilAdobe CEO Shantanu Narayen appearas at a Diwali celebration in the White House in Washington on Oct. 21, 2025.
Adobe said CEO Shantanu Narayen will step down after a successor has been appointed, and he will remain as the design software company's chair. Shares tumbled 7% in extended trading.
Narayen joined Adobe in 1988 as a vice president and general manager, and he became CEO in 2007. Under Narayen, Adobe pushed from software licenses to subscriptions to its Creative Cloud application bundle, and the company is now working to expand through generative artificial intelligence. He sought to acquire fast-growing design software company Figma , but regulators pushed back, and the companies called off the deal, resulting in Adobe paying Figma a $1 billion breakup fee.
"On behalf of the Board, I want to recognize Shantanu's contributions as CEO and architect of Adobe's transformation over the past 18 years, and for positioning Adobe for success in the AI-driven era," Frank Calderoni, Adobe's lead independent director, was quoted as saying in a statement. "As we take the next step in succession planning, we are focused on selecting the right leader for this next exciting chapter of the company's growth and are grateful for Shantanu's continued leadership as CEO to ensure a smooth transition."
Narayen, 62, is lead independent director of Pfizer in addition to his responsibilities at Adobe, where he received $51 million in total compensation for the 2025 fiscal year, according to a filing. He owns $118 million in Adobe shares, according to FactSet.
In a memo to employees, Narayen wrote that he's staying on the board to support the next Adobe CEO, just as co-founders John Warnock and Charles "Chuck" Geschke did when he became chief.
"What attracted me to Adobe 28 years ago was our leadership in creating new market categories, world-class products, a relentless desire to innovate in every functional area of the company and the people I met during the interview process," Narayen wrote. "We have continued to create new markets, deliver world-class products, drive innovation in everything we do and attract and retain the best and brightest employees."
On Narayen's watch, Adobe's stock jumped more than sixfold, while the S&P 500 is up about 350% over that stretch.
"Shantanu is a leader I've come to know and respect deeply," Dylan Field, Figma's co-founder and CEO, wrote in an X post. "He's thoughtful, kind and relentless in pursuit of Adobe's vision. Grateful for the time we spent together and wishing him all the best in the years ahead!"
Satya Nadella, CEO of Adobe partner Microsoft , congratulated Narayen.
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