Adobe CEO Shantanu Narayen Steps Down After 18 Years: Tech CEOs React, Call Him A 'Deeply Respected Leader'
· Free Press Journal
Shantanu Narayen, one of Silicon Valley's longest-serving technology chiefs, announced that he will step down as CEO of Adobe after 18 years in the role. The announcement, made alongside the company's first-quarter earnings results, sent Adobe shares tumbling more than 7 percent in after-hours trading.
Narayen will remain as CEO until a successor is appointed, after which he will stay on as Chair of the Board. The Board has appointed Frank Calderoni, Lead Independent Director, to chair a special committee that will consider both internal and external candidates.
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In a memo to employees, Narayen described the transition as a moment of reflection rather than a farewell. "This is not a goodbye by any means," he wrote, adding that what drew him to Adobe 28 years ago was "our leadership in creating new market categories, world-class products, a relentless desire to innovate."
Narayen spent 18 years at Adobe
Narayen joined Adobe in 1998 and became CEO in 2007, overseeing one of the most significant strategic shifts in the software industry when Adobe moved from selling packaged software to a cloud-based subscription model. On his watch, Adobe's stock jumped more than sixfold, while the S&P 500 rose approximately 350 percent over the same period.
Adobe reported Q1 FY2026 earnings per share of $6.06, beating analyst estimates of $5.87, on revenue of $6.4 billion - topping expectations of $6.28 billion, with sales up 12.1 percent year over year. Despite the strong numbers, the announcement arrives amid deep skepticism about Adobe's ability to thrive in the AI era.
Industry reaction
Figma co-founder and CEO Dylan Field praised Narayen on X, calling him "thoughtful, kind and relentless in pursuit of Adobe's vision." Even Microsoft CEO Satya Nadella congratulated Narayen on a legendary run at Adobe.
Congrats Shantanu, on a legendary run at Adobe! You’ve built one of the most important software companies in the world, and expanded what’s possible for creators, entrepreneurs, and brands everywhere. What has always stood out to me is the empathy you’ve brought to the creative…
— Satya Nadella (@satyanadella) March 12, 2026
Shantanu is a leader I’ve come to know and respect deeply. He's thoughtful, kind and relentless in pursuit of Adobe's vision.
— Dylan Field (@zoink) March 12, 2026
Grateful for the time we spent together and wishing him all the best in the years ahead! https://t.co/jXEotrJnHr