CEO Shantanu Narayen to step down once a successor is appointed

Adobe said Shantanu Narayen will step down as chief executive after the board appoints a successor, and he will remain chair of the board. The board named lead independent director Frank Calderoni to chair a special committee weighing internal and external candidates. No successor had been named when Adobe made the announcement with its first-quarter results.

• Narayen stays CEO until a successor is appointed
• Narayen remains Chair of the Board
• Frank Calderoni chairs the special search committee
• Search covers internal and external candidates