Adobe Names Brett Biggs and Spencer Neumann to its Board of Directors

Rhea-AI Summary

Adobe (NASDAQ:ADBE) announced the appointment of Brett Biggs and Spencer Neumann to its board of directors, effective immediately. This brings the board total to 12 members following Jim Daley's retirement. Biggs, CFO of Walmart, has extensive experience in digital transformation and corporate finance. Neumann, CFO of Netflix, has a strong background in direct-to-consumer businesses and global operations. CEO Shantanu Narayen highlighted their expertise in supporting Adobe's goals in creativity and digital business innovation.

Positive

• Addition of Brett Biggs and Spencer Neumann enhances board expertise in finance and digital strategy.
• Experienced leadership from major companies like Walmart and Netflix may drive innovation and growth at Adobe.

Negative

• Jim Daley's retirement may create a gap in board continuity and experience.

SAN JOSE, Calif.--(BUSINESS WIRE)-- Adobe (Nasdaq:ADBE) today announced the appointment of Brett Biggs and Spencer Neumann to its board of directors, effective immediately. The addition of Biggs and Neumann brings Adobe’s board of directors to 12 members following the announcement in November 2021 that Jim Daley was retiring after nearly two decades as an Adobe director.

Biggs is currently executive vice president and chief financial officer for Walmart Inc., where he is responsible for all global finance and indirect procurement functions as well as corporate strategy. His oversight has also included the company’s global Enterprise Business Services work to drive innovation and deliver digital technology and finance transformation initiatives worldwide. Biggs previously held the roles of chief financial officer for Walmart International, Walmart U.S. and Sam’s Club. Prior to joining Walmart in 2000, Biggs held various M&A and corporate finance positions with Leggett & Platt, Phillips Petroleum Co. and Price Waterhouse. He serves on the American Red Cross Board of Governors, Walton Arts Center Board and the Board of Regents at Pepperdine University. Within Walmart, he serves on the Walmart Foundation Board and is an executive sponsor for the Hispanic/Latino Resource Group. He holds a B.A. in accounting from Harding University and an MBA from Oklahoma State University.

Neumann is currently chief financial officer for Netflix, a role he has held since January 2019. Before joining Netflix, Neumann served as Activision Blizzard’s Chief Financial Officer and previously held several senior positions at The Walt Disney Company, including CFO and executive vice president of Global Guest Experience of Walt Disney Parks and Resorts. Prior to that, he worked at private equity firms Providence Equity Partners and Summit Partners. Neumann is a member of the national board of directors of Make-A-Wish America. He holds a B.A. in economics from Harvard University and an MBA from Harvard University.

“Brett and Spencer bring deep experience in content, direct-to-consumer businesses, global operations and digital transformation. We will benefit from their expertise as Adobe continues to enable creativity for all, accelerate document productivity and power digital businesses across the globe,” said Shantanu Narayen, chairman and CEO, Adobe. “We also want to thank Jim Daley for his incredible dedication and contributions to Adobe during his 20-year tenure as a director.”

About Adobe

Adobe is changing the world through digital experiences. For more information, visit www.adobe.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220110005915/en/

Public relations contacts

Ashley Levine

Adobe

aslevine@adobe.com

Investor relations contacts

Jonathan Vaas

Adobe

ir@adobe.com

Source: Adobe

FAQ

Who are the new board members at Adobe?

Brett Biggs, currently CFO of Walmart, and Spencer Neumann, CFO of Netflix, have been appointed to Adobe's board.

What experience do the new directors bring to Adobe?

Biggs brings expertise in digital transformation and global finance, while Neumann has experience in direct-to-consumer businesses and global operations.

Why is the appointment of new board members significant for Adobe?

The new members' extensive backgrounds in finance and digital strategy are expected to support Adobe's objectives and enhance its competitive position.

What was the reason for Jim Daley's retirement from Adobe's board?

Jim Daley retired after nearly two decades of service on Adobe's board.

How does the new leadership reflect on Adobe's future plans?

The addition of directors with significant experience in digital business may align well with Adobe's focus on enhancing creativity and document productivity.