Adobe secures new CFO as it manages 22% revenue growth

Dive brief:

  • Software giant Adobe Inc., a pioneer of the Software as a Service (SaaS) pricing model, appointed Dan Durn its CFO, effective Oct. 18, the company said. He will report to President and CEO Shantanu Narayen and replace John Murphy, who announced his intention to retire after three years in the post earlier this year.
  • Durn will arrive from a semiconductor-focused materials engineering solutions company, Applied Materials, where he has led finance since 2017. He has also served as CFO at two other semiconductor manufacturing companies. , NXP Semiconductors NV and GlobalFoundries, and has led mergers. and the acquisitions and strategy of venture capital firm Mubadala Technology Fund and technology firm Goldman Sachs.
  • Applied materials announced Friday He will appoint Bob Halliday, a former CFO of the company, as interim CFO, until Durn’s replacement is found.

Dive overview:

Adobe is recognized for its early adoption of subscription pricing, one of the most common models of cloud-based software today. The company migrated from selling its on-premise software in 2011-2012, when sales of its widely adopted Creative Suite products, including Photoshop, plateaued. The company quickly increased the number of monthly subscribers to around 1 million in 2013, and then to 4 million two years later.

Durn will arrive as the company manages a new takeover. In his most recent quarter, ended Sept. 3, the company reported record revenue of nearly $ 4 billion, a 22% increase in year-over-year growth.

“We generated record revenues and strong profitability during the quarter, demonstrating our ability to be successful in a dynamic environment,” said Murphy at the time. “Our operational rigor and data-driven insight allows us to execute while continuing to invest in massive market opportunities. “

Adobe’s digital media unit in particular has benefited over the past 18 months, Bloomberg reported, which he attributes to the growing popularity of its Photoshop and Illustrator products, as well as its document cloud products, including PDF and electronic signature software.

In August, Adobe shared plans to acquire, a software startup focused on digital collaboration, for just under $ 1.3 billion.

“[Durn] has decades of experience in the tech industry, ”Narayen said in the Adobe statement. “And his extensive expertise in finance, operations and global strategy makes him the ideal choice to drive Adobe’s continued growth and profitability.

“Over the past four years, [Durn] has made substantial contributions … because we have experienced strong and profitable growth, ”Applied Materials CEO Gary Dickerson said in a statement. Durn’s departure will not change the company’s guidance for the fourth quarter, he added.

Comments are closed.