Adobe stock dropped more than 8% in premarket trading on Friday after the announcement, News.Az reports, citing foreign media.
Narayen will remain in his position until a successor is appointed and will continue to serve as chair of the board afterward. Adobe’s board has appointed lead independent director Frank Calderoni to chair a special committee tasked with searching for CEO candidates both within and outside the company.
“I love Adobe and the privilege of leading it has been the greatest honor of my career,” Narayen wrote in an email to employees. “I will ensure that I set up Adobe for its next decade of greatness with the right leader and executive team, in partnership with the board, while continuing to deliver on our FY26 Must Wins.”
“The opportunity in front of us is extraordinary,” he added. “Together, we are uniquely positioned to lead it — and I remain deeply committed to doing so as we look ahead and prepare to name Adobe’s next CEO. I am more confident than ever that Adobe’s best days are still to come.”
For the quarter, Adobe reported earnings per share of $6.06 on revenue of $6.39 billion, exceeding analysts’ expectations of $5.88 per share and $6.28 billion in revenue.
For the second quarter, the company forecast revenue between $6.43 billion and $6.48 billion, in line with market expectations of $6.43 billion.
