Adobe CEO Shantanu Narayen announced that he will be stepping down once a successor has been appointed, but will remain as the design software company’s chair. Shares of Adobe dropped 7% in extended trading following the news. Under Narayen’s leadership, Adobe transitioned from software licenses to subscriptions with the Creative Cloud application bundle, paving the way for expansion through generative artificial intelligence. Despite a failed attempt to acquire Figma, resulting in a $1 billion breakup fee, Narayen’s leadership helped boost Adobe’s stock more than sixfold while also reporting strong quarterly results and guidance. Search for a new CEO is underway, and investors are monitoring Adobe’s progress as it navigates the rapidly evolving technology landscape.