Adobe's Narayen, who has led the firm for about 18 years, stepping down
Shantanu Narayen, who has led Adobe since 2007, is leaving the CEO role soon.
During his time, Adobe's revenue jumped from roughly $3 billion to about $24-25 billion, and the team grew massively.
His exit comes as investors worry about Adobe keeping up with new AI competition.
Stock drop and AI competition concerns
Right after the news, Adobe's stock dropped 7% in after-hours trading and is down 23% this year.
Big names like Google are rolling out advanced AI tools for creatives, making investors anxious about whether Adobe can stay ahead.
Narayen to remain as chairman
Narayen is not leaving entirely: he will stay on as chairman of the board.
Frank Calderoni will lead the hunt for a new CEO.
Microsoft's Satya Nadella called Narayen's run "legendary," but some analysts wonder how smoothly Adobe will handle its next big moves in AI without him at the helm.