By Daniel Howley

Adobe (ADBE) CEO Shantanu Narayen is stepping down after 18 years in the role, the company announced on Thursday in conjunction with its first quarter earnings report.

Adobe stock fell more than 8% during premarket hours on Friday following the news.

Narayen will leave the post when a successor is found, but he will remain as chair of the board afterward. The company's board also appointed Frank Calderoni, lead independent director of Adobe, as chair of the special committee that will look for CEO candidates both inside and outside the firm.

"I love Adobe and the privilege of leading it has been the greatest honor of my career," Narayen wrote in an email to employees. "I will ensure that I set up Adobe for its next decade of greatness with the right leader and executive team, in partnership with the Board, while continuing to deliver on our FY26 Must Wins."

"The opportunity in front of us is extraordinary," Narayen added. "Together, we are uniquely positioned to lead it — and I remain deeply committed to doing so as we look ahead and prepare to name Adobe’s next CEO. I am more confident than ever that Adobe’s best days are still to come."

For the quarter, Adobe saw earnings per share (EPS) of $6.06 on revenue of $6.39 billion, topping analysts' earnings per share and revenue estimates of $5.88 and $6.28 billion, respectively.

Looking ahead to the second quarter, Adobe forecast revenue of $6.43 billion to $6.48 billion. Expectations were for $6.43 billion.

This story first appeared on Yahoo Finance