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Adobe Boosts Revenue Target, Names CEO

Narayen will succeed Chizen.
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Adobe Systems (ADBE) - Get Adobe Inc. Report expects fourth-quarter revenue "near the high end" of its expected range and has named a successor to its chief executive.

The company had targeted revenue of $860 million to $890 million for the fourth quarter. For fiscal 2008, Adobe said it is targeting annual revenue growth of about 13%.

Adobe also named Shantanu Narayen president and CEO, replacing Chief Executive Bruce Chizen, effective Dec. 1.

Narayen had been president and chief operating officer.

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The software maker said Chizen will serve out the rest of his term through the spring of 2008 and "continue in a strategic advisory capacity" through the end of the company's fiscal 2008.

Narayen's promotion reflects "Adobe's strategy to ensure a planned succession of the company's senior leadership," the company said.

Shares of Adobe were off nearly 3% in recent after-hours trading to $41.