Adobe Announces Executive Retirements
January 22 2018 - 4:05PM
Business Wire
CFO and General Counsel to Retire in 2018 After Successors
Appointed
Adobe (Nasdaq: ADBE) today announced that Mark Garrett,
executive vice president and CFO, and Mike Dillon, executive vice
president and general counsel, intend to retire in 2018. To ensure
an orderly transition and continuity of operations, both Garrett
and Dillon will remain in their current roles with Adobe until
their respective successors are in place. Adobe is conducting an
internal and external search to fill both roles, and Garrett and
Dillon will be active participants in the search for and transition
to their successors.
“Mark and Mike have been phenomenal leaders and have played a
pivotal role in making Adobe the company it is today. I’m grateful
to both of them for their many contributions to Adobe’s growth and
future success,” said Shantanu Narayen, president and CEO, Adobe.
“Consistent with their exemplary leadership during their tenure at
Adobe, Mark and Mike have committed to ensuring an orderly
transition in advance of their retirement.”
Garrett, 60, joined Adobe in 2007. Under the financial
stewardship of Garrett and his team, Adobe completed its
transformative shift to a cloud-based subscription model and grew
its revenue to $7.30 billion annually, at the close of fiscal year
2017. During Garrett’s time as CFO, Adobe has seen its revenue from
recurring sources grow from approximately five percent to more than
85 percent today. Adobe also successfully acquired and integrated
several companies during Garrett’s tenure, including Omniture, Day
Software, Fotolia and TubeMogul, helping the company spur growth
and expand into new markets.
Dillon, 59, joined Adobe in 2012. Under Dillon’s leadership,
Adobe’s legal and government relations team has built a stellar
track record of governance, legal affairs, public policy and
compliance for the company. With a passion for the outdoors and the
environment, Dillon has also served as the executive sponsor for
Adobe’s sustainability programs.
Coincident with this announcement today, Adobe filed its annual
report on Form 10-K for fiscal year 2017, and in a separate press
release reaffirmed and updated financial targets for its first
quarter and fiscal year 2018 to reflect the impact of the new Tax
Cuts and Jobs Act.
About Adobe
Adobe is changing the world through digital experiences. For
more information, visit www.adobe.com.
© 2018 Adobe Systems Incorporated. All rights reserved. Adobe
and the Adobe logo are either registered trademarks or trademarks
of Adobe Systems Incorporated in the United States and/or other
countries. All other trademarks are the property of their
respective owners.
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version on businesswire.com: http://www.businesswire.com/news/home/20180122006464/en/
AdobeInvestor Relations ContactMike Saviage,
408-536-4416ir@adobe.comorPublic Relations ContactDan
Berthiaume, 408-536-2584dberthia@adobe.com
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