Adobe loses CFO as CEO search drags on; shares fall 6%
Why it matters: Adobe now faces simultaneous turnover in its top two jobs as investors press for an AI strategy.
Adobe is losing Chief Financial Officer Dan Durn on June 15 while it continues its search for a successor to Chief Executive Shantanu Narayen, adding to leadership turmoil at the software company. Adobe named Steve Day, senior vice president of corporate finance, as interim CFO. The change eclipsed quarterly results that beat expectations: fiscal second-quarter sales rose 13% to $6.6 billion, above analysts’ $6.5 billion estimate. Shares fell about 6% in extended trading after the report. Bloomberg has reported that David Wadhwani and Anil Chakravarthy are the leading internal candidates for CEO, while Adobe has also hired a search firm for external options as it tries to compete more aggressively in the AI era.