Adobe CFO exits as CEO search drags on; shares fall 6% late
What's new: Marvell hired Dan Durn, while Adobe tapped finance executive Steve Day as interim CFO.
Adobe’s finance chief is leaving just as the software company continues its hunt for a successor to CEO Shantanu Narayen, adding to investor unease over a leadership shake-up. Dan Durn will exit as CFO on June 15, Adobe said, and Marvell Technology separately disclosed that he is joining the chipmaker. Adobe named Steve Day, its senior vice president of corporate finance, as interim CFO until it hires a replacement. The company said its CEO search is progressing and aims to have a new leader in place before planning for the fiscal year that starts in December. The move overshadowed quarterly results that beat expectations, with second-quarter sales rising 13% to $6.6 billion. Adobe shares dropped about 6% in extended trading.