Frank Calderoni, Adobe's Lead Independent Director, has been appointed to chair the committee.

Adobe CEO Shantanu Narayen Plans to Step Down After 18-Year Run

Adobe said its long-serving chief executive Shantanu Narayen will step down from the role after the company appoints a successor, marking the end of an 18-year tenure as CEO.

The announcement was made as part of Adobe’s financial results for the first quarter of fiscal year 2026, which ended on February 27. Narayen will continue to serve as Chair of the Board after transitioning out of the chief executive role.

In a filing with the Nasdaq, the company said its Board of Directors has begun the process of identifying a new CEO and has formed a special committee to oversee the search.

Frank Calderoni, Adobe’s Lead Independent Director, has been appointed to chair the committee, which will evaluate both internal and external candidates for the leadership position.

Narayen joined Adobe in 1988 as Vice President and General Manager and was appointed chief executive in 2007. During his leadership, the company shifted from traditional software licensing to subscription-based services through its Creative Cloud platform and expanded its portfolio of digital tools.

Adobe shares listed on the Nasdaq Composite declined about 7 percent in extended trading after the company released its quarterly results.

Satya Nadella congratulated Narayen on his tenure, praising his leadership and describing his time at Adobe as an important contribution to the global technology industry.