Adobe shares fall 6% as CFO exits during CEO succession hunt
What's next: Adobe aims to name a new CEO before its fiscal year starts in December, with Steve Day serving as interim CFO.
Adobe shares fell about 6% in extended trading after the software company disclosed that Chief Financial Officer Dan Durn will leave on June 15, adding another leadership gap as it searches for a successor to Chief Executive Shantanu Narayen. Adobe named Steve Day, senior vice president of corporate finance, as interim CFO while it looks for a permanent replacement. The company said its CEO search is progressing and that it wants a new leader in place for planning for the next fiscal year, which begins in December. The management change overshadowed quarterly results that topped expectations: fiscal second-quarter sales rose 13% to $6.6 billion, above analysts' estimates. Adobe has been under pressure from investors over whether AI-based rivals could erode its position in creative software.