By Nina Trentmann 

Software maker Adobe Inc. is searching for a new finance chief as incumbent Chief Financial Officer John Murphy plans to retire.

San Jose, Calif.-based Adobe said Tuesday that Mr. Murphy is stepping down to spend more time with family and friends and focus on philanthropy. He will stay on as needed to help with the transition as the company looks for a successor, Adobe said. It is considering both internal and external candidates for the role.

Mr. Murphy joined Adobe, which makes software tools such as Photoshop and e-signature service Adobe Sign, in March 2017 from chip manufacturer Qualcomm Inc., where he served as chief accounting officer and global controller, according to his LinkedIn profile. He took on the same title at Adobe before becoming its CFO in April 2018. Mr. Murphy formerly worked at pay-TV company DirecTV, which was acquired by AT&T Inc. in 2015.

During Mr. Murphy's tenure, Adobe's annual revenue grew to more than $12 billion in 2020 from over $7 billion in 2017. Adobe built its name around desktop publishing with products such as Acrobat, but has since transitioned to a cloud-based subscription business.

The company also struck several acquisition deals during his tenure, including for work-management platform Workfront in November. Mr. Murphy also led Adobe's fundraising in capital markets, including several bond sales in January 2020 for a total of $3.15 billion.

"John has made significant contributions to Adobe for which I'm deeply grateful, and I wish him well as he pursues his passion for philanthropy, " Adobe President and Chief Executive Shantanu Narayen said.

Adobe reported higher profit and revenue on Tuesday and raised its projections for the year. Net income rose to $1.26 billion during the quarter ended March 5, up more than 31% compared with the prior-year period. Revenue for the quarter grew to $3.91 billion, up 26.5% from the previous year.

The company said it expects $9.13 a share in profit, or $11.85 a share on an adjusted basis, and about $15.45 billion in revenue for fiscal 2021. It earlier projected about $8.57 a share in profit, or $11.20 a share as adjusted, and about $15.15 billion in revenue.

Maria Armental contributed to this article.

Write to Nina Trentmann at nina.trentmann@wsj.com

 

(END) Dow Jones Newswires

March 23, 2021 18:59 ET (22:59 GMT)

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