According to reports from Reuters, Zee News, and Business Standard, the company has named Anil Chakravarthy as its next president and CEO, replacing Shantanu Narayen who is stepping down after 18 years in the role. Narayen will transition to executive chair and support Chakravarthy through the handover, which takes effect December 1, 2026. Chakravarthy will also join Adobe's board at that time. The incoming CEO currently serves as president of Adobe's Customer Experience Orchestration business and worldwide field operations, having joined the company in January 2020 as executive vice president and general manager after serving as chief executive of Informatica. David Wadhwani, who ran Adobe's creative business, announced his departure from the company shortly after the CEO transition announcement, with Wadhwani stating he is "decided this is the right moment for me to start a new chapter."
The board conducted a six-and-a-half-month selection process before unanimously approving Chakravarthy's appointment, as reported by Investing.com and Business Standard. Narayen, who has led Adobe for decades, said Chakravarthy was the right leader to guide the company through an AI-driven period of growth. Chakravarthy stated he is "energized by the opportunity to fuel growth and drive Adobe's leadership in the next era of agentic software for creativity, productivity, and customer experience." He also credited Narayen for transforming Adobe's business over several decades and said the company was "well positioned for its next phase of growth." Frank Calderoni, Lead Independent Director of Adobe, who led the special committee overseeing the selection process, stated that "The Board has unanimously determined that Anil is the right leader for Adobe's next chapter of growth." Calderoni noted that over the last six and a half years, he has transformed and expanded Adobe's Customer Experience Orchestration business and worldwide field operations through innovation-led growth, developing and retaining talent and carrying forward Adobe's culture and values."
According to Investing.com and Business Standard, Chakravarthy brings extensive AI-focused experience to the role, having played a key role in developing and scaling Adobe's AI-powered offerings, including Adobe CX Enterprise, GenStudio and Brand Visibility, which the company describes as category-defining products designed to deliver enhanced customer experiences. He was also instrumental in scaling the Adobe Experience Platform and introducing new product innovations such as CX Enterprise Coworker. Chakravarthy championed the acquisition and integration of Workfront and Semrush, demonstrating his ability to drive strategic growth through M&A. Before joining Adobe, he served as CEO of Informatica for four years, leading the enterprise cloud data management company after initially joining as executive vice president in 2013. He also held executive roles at Symantec and VeriSign, and worked at McKinsey & Company, building experience across the technology industry. Chakravarthy holds a Bachelor of Technology in Computer Science and Engineering from the Institute of Technology, Banaras Hindu University (IT-BHU), now known as IIT, Varanasi, and a Master of Science and Ph.D. from the Massachusetts Institute of Technology, and currently serves on the board of FIS and has previously served on the boards of Ansys Inc. and USAA Bank.
As reported by Reuters, the CEO change comes amid significant stock performance challenges. Adobe shares have fallen around 18% this year after declining over 21% in 2025, with shares dropping 1% in after-hours trading on Thursday following the announcement. The decline mirrors a wider retreat among software stocks slumping on AI fears, with investors worrying that generative AI tools could erode demand for subscription software. Software peers have faced similar pressure as free or low-cost AI tools threaten legacy subscription models, with Adobe's stock down 52% since the beginning of 2024 reflecting steady investor concerns about AI disruption. The selection of Chakravarthy as CEO comes as a surprise to some within the company and its investor base, as analysts had expected David Wadhwani, head of the creative unit, to be the rational choice given his running of three-fourths of Adobe's revenue. Adobe is scheduled to report its third-quarter fiscal 2026 results on September 10, with investors likely to focus on the company's AI strategy, adoption of new AI-powered products and the outlook for growth under the incoming leadership.
As reported by Reuters, despite investor concerns about AI disruption, Adobe raised its annual profit forecast in June, reflecting growing demand for its AI products and tools that are central to its strategy to hold on to its lead over challengers like Figma and Canva. The company also announced the exit of finance chief Dan Durn in the same month, adding to uncertainties until a permanent successor is named. Chakravarthy's appointment comes after Adobe in March announced plans for Narayen to step down once a successor was named, ending a tenure in which he helped turn flagship products such as Photoshop, Illustrator, Premiere Pro and InDesign into household names among creatives worldwide. The Photoshop maker has sought to counter AI concerns by embedding AI across its product lineup, with the company working to strengthen its position in design and creative software as rapid advances in AI reshape the industry and draw new competitors into its traditional markets. Chakravarthy's focus on "driving growth in what he called the next era of 'agentic software,'" as Adobe works to integrate AI more deeply across its product portfolio, positions the company for accelerated AI-driven growth in creativity, productivity and customer experience software.
