Adobe Names Anil Chakravarthy as New CEO, Succeeding Shantanu Narayen

Adobe on Thursday named Anil Chakravarthy as its next president and CEO, succeeding Shantanu Narayen, who announced he would step down earlier this year.

Chakravarthy, who most recently served as president of Adobe's customer experience orchestration and worldwide field operations, will take the helm Dec. 1, the company said. He will also join Adobe's board.

Narayen will become executive chair and "work closely" with Chakravarthy during the transition, Adobe said. Narayen said last March he would leave his role after joining the company in 1998 and serving as the head of Adobe for 18 years.

"Adobe's opportunity ahead is limitless with our track record in creating new market categories and world-class products," Narayen said in a statement. "Anil is an experienced transformational leader who leads with values, integrity and a deep knowledge of our business."

Chakravarthy joined Adobe nearly seven years ago after serving as CEO of enterprise data management company Informatica. He told CNBC in a 2021 interview that he became connected with Adobe and Narayen through its partnership with Informatica.

"A lot of the reason I came was the opportunity to work with him and work with the leadership team at Adobe," Chakravarthy told CNBC at the time.

Adobe is tapping a new CEO as the company's stock has been pummeled due to investor concerns that artificial intelligence will disrupt software makers. After a boom in 2023, Adobe shares have slid since, losing 25% in 2024 and another 21% in 2025. The stock is down 18% so far in 2026.

Shares of Adobe fell about 2% in extended trading.

Alongside the news, top Adobe executive David Wadhwani announced he will exit the company. Wadhwani has served as the president of Adobe's creativity and productivity business for nearly five years.

CNBC previously reported Wadhwani was seen as a strong contender to serve as Adobe's next CEO, in part because of his key role in the design software company's bid to acquire Figma . The companies ultimately called off the deal in 2023 due to regulatory hurdles.

Wadhwani said in a LinkedIn post that he has a few company ideas he plans to "explore and pressure-test."

"As much as Adobe means to me, I've decided this is the right moment for me to start a new chapter, and it's a great moment for Adobe to do the same as Anil steps into the CEO role," Wadhwani wrote. "I've had the privilege to work alongside Anil the last few years and I leave confident in where he'll take Adobe."