Adobe Has Handed Over the CEO Job Once in 19 Years. Here's What the Stock Did After the Last Time.
The lone precedent looks ugly at first glance -- and it holds a useful lesson for the year ahead.
Overview
Adobe (NASDAQ:ADBE) has picked its next CEO. The company said on Sept. 3 that Anil Chakravarthy, the insider who runs its customer experience orchestration business, will become president and CEO on Dec. 1.
Shantanu Narayen, who has run Adobe since 2007, will move to executive chair the same day. The news landed after the market closed, and shares fell 6.7% the next day to $266.51 as of this writing -- about 28% below the stock's 52-week high.
Details
A change at the top is rare here: Adobe has handed the CEO job over exactly once in the past 19 years. Bruce Chizen resigned as CEO as of Nov. 30, 2007, and Narayen (then Adobe's president and chief operating officer) took over the next day.
Source
Originally published at www.fool.com.