Adobe Boosts Revenue Target, Names CEO

Narayen will succeed Chizen.
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Adobe Systems (ADBE) - Get 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.

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.