Adobe shares dropped after the company named Anil Chakravarthy, a longtime company insider, as its next chief executive. He replaces Shantanu Narayen, who had already disclosed plans to step down, and the move coincides with the departure of another longtime Adobe business head.
Adobe's stock fell after the company named its next chief executive on Thursday, picking a corporate insider but not the one that many investors were anticipating, according to an analyst.
The design-software maker said Chakravarthy, who currently serves as president of Adobe's Customer Experience Orchestration business, will take over as CEO on Dec. 1. He succeeds Narayen, who had previously disclosed plans to step down from the top post.
The leadership change is not isolated. Another longtime Adobe business head is also leaving the company, the report said.
Source: MarketWatch (snippet-based)
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