The popular CEO of Adobe Systems, Bruce Chinzen, will step down at the end of the month “to take a break.” President and COO Shantanu Narayen will replace him, though Chinzen will stay on temporarily as a half-time strategic advisor and remain on the board to ease the transition. Adobe’s stock prices dropped more than 5% on the news.
The move “has nothing to do with the state of the business. It has to do with Bruce and the next chapter in his life,” said one analyst. Adobe has seen double-digit growth the last five years under Chinzen’s stewardship. Chinzen, 52, said this would allow him to figure out what he wants to do with the rest of his life.