Dive Brief:

• Adobe CFO Daniel Durn announced his intent to step down from his roles as finance chief and EVP of finance, technology, security and operations — leaving the digital document provider facing another search for a key member of its executive leadership team. Durn, who has served as Adobe’s finance chief for four years, will leave to take the top financial seat at semiconductor solution company Marvell, according to a separate company press release.
• Durn will depart from the San Jose, Calif.-based company effective June 15, according to a Thursday securities filing. Steven Day, a two-decade veteran of the digital document platform, will step in as interim finance chief, the company said.
• Durn is departing shortly after long-time CEO Shantanu Narayen in March announced his decision to step down from the seat he has held for 18 years, according to a company memo and filing at the time. Narayen, who will continue to serve as Chair of Adobe’s board, will remain CEO until a successor is appointed, according to the March 9 filing with the Securities and Exchange Commission.

Dive Insight:

Day, 58, first joined Adobe in 2006, according to the SEC filing. He has served in his current role as SVP, customer experience orchestration business unit CFO and corporate finance since 2023, and previous roles have included a stint as its digital experience business unit CFO and interim head of investor relations.

The company did not provide any compensatory details associated with Day’s interim appointment in the filing.  

During the company’s second quarter earnings results, also released Thursday, Narayen noted that Durn would depart for an opportunity outside of the software industry, according to a transcript. He also said the search for a CEO successor is “progressing well.” 

“The Board has been actively engaged in a comprehensive process” he said. “While we all continue to be ruthlessly focused on driving execution, our goal is to have Adobe's next CEO in place to put their stamp on planning for fiscal '27 and beyond.”

Worries relating to the company’s executive leadership shifts saw Adobe’s stock dip Friday — down by 37% year-to-date, according to data from Nasdaq — even as the tech platform reported record revenue of $6.6 billion stemming from AI-driven demand for the quarter ended May 29. The business also reported full-year 2026 targets, now anticipating GAAP earnings per share of $17.90 to $18.00, according to its earnings release.

As AI continues to rapidly change customer behavior, Adobe is shifting its focus to acquiring users of its AI products through expanded “freemium” offerings, Narayen said during the Thursday earnings call, citing a 35% year-over-year jump in traffic for Adobe’s business and consumer offerings.

“We believe this traffic is better served through a customized, friction-free onboarding experience without immediate paywalls and will result in greater customer acquisition and deeper engagement over time,” Narayen said, according to a transcript. He pointed to early success in monthly active user numbers for the company’s free user experiences, which rose from 50 million to 90 million.

However, David Wadhwani, the company’s president of creativity and productivity business, warned on the call that the shift in strategy to the free user journeys will also impact Adobe’s short-term annualized recurring revenue — something that has become a closely-watched metric for investors and analysts focused on rising AI-related costs.

Still, the shift will help to build “the foundation for long-term growth by removing friction from user onboarding, enabling deeper user engagement and driving stronger lifetime value,” Wadhwani said. For its full-year 2026, Adobe expects total ending ARR growth of 10.2%, according to its earnings release.

In moving to Marvell Technologies, Durn will succeed Willem Meintjes as finance chief, who will remain with the company in an advisory capacity until April 2027 to ensure a smooth transition, the company said. Durn has served as a member of Marvell’s board and chair of its audit committee for two years, and has an “intimate knowledge” of its long-term growth strategy, CEO and Chairman Matt Murphy said in the release.

In association with his appointment to the CFO seat, Durn resigned from his board roles effective June 10, the company said. As Marvell’s finance chief, Durn is set to receive an annual base salary of $850,000, according to the SEC filing. He will also receive a sign-on cash bonus of $1 million, and will be eligible to receive an annual bonus with a target of 120% of his base salary, according to the filing.