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.
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Adobe
Investor Relations Contact
Mike Saviage, 408-536-4416
ir@adobe.com
or
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Dan Berthiaume, 408-536-2584
dberthia@adobe.com