Adobe has appointed Steven Day as interim Chief Financial Officer following the departure of Daniel Durn, who is leaving to become finance chief at Marvell Technology. Day, a two-decade Adobe veteran, has served as senior vice president of customer experience orchestration business unit finance and corporate finance since 2023. The transition leaves Adobe searching for a permanent CFO while it also continues the search for a successor to longtime CEO Shantanu Narayen.
The leadership change comes as Adobe adjusts its commercial model to prioritize user acquisition for its AI products through expanded free offerings. Adobe President David Wadhwani stated that the shift to free user journeys will impact short-term annualized recurring revenue, but the strategy aims to build "the foundation for long-term growth by removing friction from user onboarding."
Adobe reported record revenue of $6.6 billion for the quarter ended May 29, driven by AI demand. CEO Shantanu Narayen stated that traffic rose 35% year-over-year and free monthly active users reached 90 million, noting that this traffic is "better served through a customized, friction-free onboarding experience without immediate paywalls."
Worries over executive shifts caused Adobe's stock to dip 37% year-to-date, despite full-year 2026 targets anticipating GAAP earnings per share of $17.90 to $18.00. Durn will succeed Willem Meintjes at Marvell Technology, where he previously served as audit committee chair. Marvell CEO Matt Murphy stated that Durn has an "intimate knowledge" of the company's long-term growth strategy.