Adobe Inc. (ADBE) announced on Thursday that its long-time Chief Executive Officer Shantanu Narayen plans to step down from the CEO role once a successor is appointed.
Narayen, who has led Adobe for 18 years, will remain as Chair of the Board following the leadership transition.
The company's board has launched a formal search for a new CEO, considering both internal and external candidates. Frank Calderoni has been appointed chair of a special committee overseeing the succession process.
Adobe said Narayen will continue serving as CEO during the transition period to help ensure continuity and a smooth leadership change.
"On behalf of the Board, I want to recognize Shantanu's contributions as CEO and architect of Adobe's transformation over the past 18 years, and for positioning Adobe for success in the AI-driven era," said Frank Calderoni, Lead Independent Director of Adobe. "As we take the next step in succession planning, we are focused on selecting the right leader for this next exciting chapter of the company's growth and are grateful for Shantanu's continued leadership as CEO to ensure a smooth transition."
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