Shantanu Narayen, the current CEO, will step down after a new CEO is elected, marking the end of his 18 year tenure as the CEO of the company. He, however, will take the position of the chairman of the board to aid the new CEO. This announcement caused the company’s shares to decline by over 7%, with investors concerned about the company’s strategy as the technology for artificial intelligence is constantly evolving. Although the company announced good revenue growth and better than expected earnings, investors are concerned due to the increasing competition from the evolving artificial intelligence technology, as well as how the company can make a profit from the technology.
Adobe’s Longtime CEO to Exit Role Amid AI Disruption, Shares Fall
