Archive notice: This article was originally published on November 16, 2007. Links and embedded videos are preserved as part of the historical record.
Adobe Systems announced today that the company’s Supervisory Board has appointed Shantanu Narayen President and Chief Executive Officer effective December 1. Narayen, previously President and Chief Operating Officer, will also belong to Adobe’s Supervisory Board from that date. Narayen succeeds Adobe CEO Bruce Chizen, who will remain on the Supervisory Board until spring 2008 and will be available to the company as a strategic adviser until the end of fiscal year 2008.
“It is thanks to Bruce Chizen’s vision that Adobe has transformed from a company known primarily for its design products into one of the largest and most comprehensively positioned software companies in the world”, said Chuck Geschke and John Warnock, the chairmen of Adobe’s Supervisory Board. “We thank him for his outstanding leadership and his contribution to the company’s success during his total of 14 years at Adobe, the last seven of them as CEO.”
Narayen’s appointment is an expression of Adobe’s strategy to ensure a planned succession at the company’s top management level. “Shantanu’s extensive knowledge of our products and platforms, his experience with customers as well as his operational leadership qualities make him the ideal choice to lead Adobe as CEO”, Chizen said. “For me personally, it is the right time to hand over the leadership, and I look forward to supporting Shantanu in his new area of responsibility.”
“I feel honored to take over the leadership of Adobe and to be able to continue the legacy of Bruce and our founders John and Chuck”, Narayen said. “I look forward to continuing Adobe’s tradition as a technology and innovation leader and helping to complete the next phase of growth.”
In his current role as President and COO, Narayen manages the company’s daily operational business. He determines Adobe’s long-term market strategies and is responsible for all activities in product research and development. Together with Chizen, Narayen was the driving force behind the acquisition of Macromedia in 2005, with which Adobe expanded its software platform and solutions and strengthened the company’s presence in key markets such as video, enterprise software and mobile solutions.
Narayen joined Adobe in 1998 and initially led the company’s Engineering Technology Group as Vice President and General Manager. In January 1999 came the appointment as Senior Vice President Worldwide Products, in March 2001 the promotion to Executive Vice President Worldwide Product Marketing and Development. In January 2005, Narayen became President and Chief Operating Officer. Before joining Adobe, he co-founded Pictra, a manufacturer of software for exchanging digital photos, in 1996. Before that, he held various management positions at Silicon Graphics and Apple.
Adobe expects a result for the fourth quarter of fiscal year 2007 that will be at the upper end of the target range of 860 to 890 million US dollars. For fiscal year 2008, Adobe has announced that it aims to achieve revenue growth of approximately 13 percent.
The results of the fourth quarter and fiscal year 2007 are expected to be announced on December 17, 2007, after the close of trading.
