Adobe is undergoing a leadership transition as Shantanu Narayen steps down after 18 years as CEO. He joined the company in 1998 and took the helm in December 2007, overseeing a growth in annual revenue from under $1 billion to over $25 billion.
Anil Chakravarthy will become the new president and CEO on December 1, 2026, following a six-month search process. Chakravarthy previously served as president of customer experience orchestration and worldwide field operations, with a professional background in scaling AI-related products.
The announcement on September 3, 2026, triggered a share price drop of nearly 7% on September 4. This follows a period of stock decline, with shares shedding more than 21% in 2025 and roughly 18% year-to-date in 2026 before the news.
Additionally, David Wadhwani, who led the creativity and productivity division for nearly five years, announced his departure. The company's transition from perpetual licenses to cloud subscriptions, completed in 2013, remains a key pillar of its current business model.
