Adobe falls after company names insider Anil Chakravarthy as CEO

Adobe

04/09/2026 09:31

  ** Shares of Adobe ADBE.O down 3.28% at $276.39 in pre-market trading on Friday after the company named insider Anil Chakravarthy as successor to long-time CEO Shantanu Narayen
** Narayen, CEO for more than 18 years, will transition to the role of executive chair 
** Chakravarthy will take charge as Adobe faces rising competition from AI rivals and seeks to reassure investors
** Company is also searching for a permanent finance chief after Dan Durn's exit in June 
** Shares have fallen ~18.4% YTD vs a 14.4% rise for the Nasdaq .IXIC
** Thirty-nine analysts rate the stock "hold" on average; median PT is $255, according to data compiled by LSEG 
** Stock recently at 11x expected earnings, vs its 5-yr avg forward PE of 24, suggesting shares may be undervalued, per LSEG-compiled data


 (Reporting by Kanishka Ajmera in Bengaluru)
 ((mail to: Kanishka.Ajmera@thomsonreuters.com))