Adobe Announces Executive Retirement

Rhea-AI Summary

Adobe (Nasdaq:ADBE) announces the retirement of executive vice president and CFO John Murphy in 2021, effective as he transitions to focus on philanthropy and family. Under his leadership, Adobe's revenue grew from over $7 billion in 2017 to over $12 billion in 2020, thanks to successful acquisitions like Magento and Workfront. Concurrently, Adobe reported record Q1 revenue and raised its fiscal targets for 2021. The company is now searching for Murphy's successor from both internal and external candidates.

Positive

• Revenue growth from over $7 billion in 2017 to over $12 billion in 2020.
• Record Q1 revenue announced alongside CFO transition.
• Raised annual revenue targets for FY21.

Negative

• None.

Adobe (Nasdaq:ADBE) today announced that executive vice president and CFO John Murphy intends to retire in 2021 to spend more time with family and friends and focus on philanthropy. Murphy will stay on as needed to ensure an orderly transition as the company identifies a successor. Adobe will be conducting a search and evaluating internal and external candidates.

“John has made significant contributions to Adobe for which I’m deeply grateful and I wish him well as he pursues his passion for philanthropy,” said Shantanu Narayen, president and CEO, Adobe.

Murphy and the entire Finance and Operations organization have played an instrumental role in Adobe’s growth. During his tenure, Adobe’s revenue grew from over $7 billion in 2017 to over $12 billion in 2020. The company successfully acquired and integrated several leading technology companies, including Magento, Marketo, Allegorithmic, and most recently, Workfront. Murphy oversaw a successful debt issuance program in January 2020.

A graduate of the University of Southern California, Murphy serves on the Board of the USC Marshall School of Business. He is an advocate for advancing educational opportunities for inner-city youth and serves as a sponsor and mentor to diverse and minority executives.

Coincident with this announcement today, Adobe announced record Q1 revenue and raised its annual targets for FY21.

About Adobe

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210323005955/en/

FAQ

What is the significance of John Murphy's retirement for Adobe (ADBE)?

John Murphy's retirement may impact Adobe's finance leadership but is coupled with record revenue and raised fiscal targets.

How has Adobe's revenue changed under John Murphy's tenure?

Adobe's revenue grew from over $7 billion in 2017 to over $12 billion in 2020 during John Murphy's tenure.

What recent financial results did Adobe announce?

Adobe announced record Q1 revenue and raised its annual revenue targets for FY21.

What role did John Murphy play in Adobe's acquisitions?

Murphy oversaw significant acquisitions during his tenure, including Magento, Marketo, Allegorithmic, and Workfront.

What steps is Adobe taking following John Murphy's retirement announcement?

Adobe is conducting a search for a successor for John Murphy, evaluating both internal and external candidates.