Adobe CEO Bails Out Fast
Bruce Chizen abruptly became the ex-CEO of Adobe, with current president and COO Shantanu Narayen named to replace him at the beginning of December.
All may not be well in the Adobe household. Chizen’s fourteen years with Adobe hit a sudden stop, with the company announcing his departure today.
Chizen will wrap up his seven years as CEO on November 30. Adobe said he will remain on the board through the spring of 2008, and in a strategic advisory capacity through Adobe’s fiscal 2008.
Adobe made sunny financial predictions about the remaining fiscal year. They expect revenue at the high end of their $860 million to $890 million predicted range for the fourth quarter, and approximately 13 percent revenue growth through 2008.
Investors were not as cheerful about the news of Chizen’s departure, cited by an Adobe spokesperson as a personal decision. Shares of the stock fell to $41.35 in after hours trading, after they had closed at $42.19 today.