Adobe names insider Chakravarthy CEO, Narayen transitions to executive chair

Adobe has appointed Anil Chakravarthy as its new CEO, succeeding long-time leader Shantanu Narayen. Chakravarthy, an MIT graduate, joined Adobe in 2020 to lead its digital experience business and later took charge of customer interactions and global sales. He previously served as CEO of cloud data-management company Informatica for four years.

Narayen, who has been CEO for over 18 years, will step down to become executive chair. Adobe's shares have fallen 18% this year as investors worry about the impact of AI technology on its design software dominance. Despite efforts to strengthen its AI offerings, some analysts remain skeptical. The company raised its profit forecast in June, citing growing demand for its AI products.

Adobe also announced the departure of finance chief Dan Durn in June, adding uncertainty until a permanent successor is named.

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