Adobe announced its chief executive officer, Shantanu Narayen, will transition from his position once a successor is appointed. Shares of the company fell approximately 7% in extended trading following the news.
Narayen's departure marks the end of an 18-year tenure credited with establishing Adobe's core creative software like Photoshop and Illustrator as industry standards. The company is navigating a shifting software landscape influenced by artificial intelligence, which is intensifying competition from emerging technologies.