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Adobe Appoints Anil Chakravarthy as New CEO; Narayen to Become Executive Chair
Adobe announced Thursday that Anil Chakravarthy will become the company's new President and Chief Executive Officer, succeeding longtime leader Shantanu Narayen. The leadership change is scheduled to take effect on December 1.
Details of the Transition
Shantanu Narayen, who has served as Adobe's CEO since 2007, will transition to the role of executive chair. In this new capacity, Narayen will work closely with Chakravarthy to ensure a smooth handover of responsibilities, according to the company's statement.
The company had previously disclosed earlier this year that Narayen intended to step down from the CEO position once a successor was appointed. His tenure was marked by the significant growth of Adobe's flagship software products, including Photoshop and Illustrator.
AdBroader Executive Changes
This CEO succession follows other recent high-level departures at the software firm. In June, Adobe announced the exit of Chief Financial Officer Dan Durn.
For investors, the C-suite shuffle comes at a notable time. The recent executive changes have added to what the source described as concerns regarding the company's strategy for competing in an increasingly crowded and competitive design industry.
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