Adobe CEO Shantanu Narayen is stepping down after 18 years—as pressure on the company mounts to deliver on AI

Adobe is searching for a new chief executive after CEO Shantanu Narayen said Thursday that he plans to step down after 18 years in the role.

Narayen announced that he will step down once a successor is appointed. He will remain chair of the board.

“Over the coming months, I will be working with Frank Calderoni, our lead director, and the board of directors to identify my successor and to ensure a smooth transition,” Narayen said in a memo to employees.

On Thursday after the bell...