SAN JOSE, Calif. — November 12, 2007 — Adobe Systems Incorporated (Nasdaq:ADBE) today announced its Board of Directors has appointed current president and chief operating officer Shantanu Narayen as its president and chief executive officer, effective December 1, 2007. Narayen will also join Adobe’s Board of Directors at that time. Narayen replaces Adobe CEO Bruce Chizen, who will serve the remainder of his term on Adobe’s Board of Directors through the Spring of 2008 and continue in a strategic advisory capacity through the end of fiscal year 2008.
“Bruce Chizen’s vision has helped transform Adobe from a company that was known mainly for its popular design products into one of the largest and most diversified software companies in the world,” said Chuck Geschke and John Warnock, Adobe’s chairmen of the Board of Directors. “We thank him for his outstanding leadership and contributions to Adobe’s success during his entire 14 years at Adobe and the past seven as CEO.”
Narayen’s promotion reflects Adobe’s strategy to ensure a planned succession of the company’s senior leadership.
“Shantanu’s extensive knowledge of our products and platforms, customer experience and exceptional operational leadership make him the ideal choice to lead Adobe as CEO,” said Chizen. “For me personally, the time is right for a transfer of leadership and I look forward to supporting Shantanu as he takes on his new responsibilities.”
"I am honored to assume the leadership of Adobe and to continue to carry on the legacy of Bruce and our founders, John and Chuck,” said Narayen. "I look forward to continuing Adobe’s tradition of technology leadership and innovation, and helping the company achieve its next phase of growth.”
In his current role as president and COO, Narayen leads the company’s day-to-day global operations; sets Adobe’s long-term market strategies; and oversees all product research and development, worldwide sales, corporate strategy and investments, and corporate and product marketing. Together with Chizen, Narayen spearheaded the acquisition of Macromedia, Inc. in 2005, expanding Adobe’s software platform and solutions and strengthening the company’s presence in key markets ranging from video to enterprise software to mobile solutions.
Narayen joined Adobe in January 1998 as vice president and general manager of Adobe’s engineering technology group. In January 1999, he was promoted to senior vice president, worldwide products and in March 2001 he was promoted to executive vice president, worldwide product marketing and development. In January 2005, Narayen was promoted to president and chief operating officer. Prior to joining Adobe, Narayen co-founded Pictra Inc., a digital photo sharing software company, in 1996. Previously, he was director of desktop and collaboration products at Silicon Graphics Inc. and held various senior positions at Apple Inc.
Adobe announced today it expects to achieve results near the high end of its fourth quarter revenue target range of $860 million to $890 million. For fiscal year 2008, Adobe announced it is targeting annual revenue growth of approximately 13 percent.
The company plans to report its fourth quarter and fiscal 2007 year-end results on December 17, 2007 after the market closes.
Adobe will host a financial analyst and investor conference call starting at 5:00 p.m. ET today to discuss this announcement. The call can be accessed beginning at 4:50 p.m. ET by dialing 800-214-0745 (U.S.) or 719-457-0700 (outside U.S.) with conference call passcode 154149.
For those unable to listen to the live conference call, a telephone replay will be available by dialing 888-348-4629 (U.S.) or 719-884-8882 (outside U.S.) with passcode 154149. The replay will be available beginning today, Monday November 12, 2007 at 7:00 p.m. ET through Thursday November 15, 2007 at 7:00 p.m. ET.
This press release contains forward-looking statements, including those related to revenue and anticipated business momentum which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: delays in development or shipment of Adobe’s new products or major new versions of existing products, introduction of new products by existing and new competitors, failure to successfully manage transitions to new business models and markets, adverse changes in general economic or political conditions in any of the major countries in which Adobe does business, difficulty in predicting revenue from new businesses, failure to anticipate and develop new products and services in response to changes in demand for application software and software delivery, computers, printers, or other non PC-devices, intellectual property disputes, inability to protect Adobe’s intellectual property from unauthorized copying, use, disclosure or malicious attack, changes to Adobe’s distribution channel, disruption of Adobe’s business due to catastrophic events, risks associated with international operations, fluctuations in foreign currency exchange rates, Adobe’s inability to attract and retain key personnel, and interruptions or terminations in Adobe’s relationships with turnkey assemblers. For further discussion of these and other risks and uncertainties, individuals should refer to Adobe’s SEC filings. The financial information set forth in this press release reflects estimates based on information available at this time. Adobe does not undertake an obligation to update forward looking statements.
Adobe revolutionizes how the world engages with ideas and information - anytime, anywhere, and through any medium. For more information, visit www.adobe.com .
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