Adobe CFO John Murphy to Retire
By Nina Trentmann
Software maker Adobe Inc. is searching for a new finance chief
as incumbent Chief Financial Officer John Murphy plans to
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
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
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
Maria Armental contributed to this article.
Write to Nina Trentmann at firstname.lastname@example.org
(END) Dow Jones Newswires
March 23, 2021 18:59 ET (22:59 GMT)
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