San Jose, CA—Adobe recently released an executive retirement announcement. Executive vice president and CFO John Murphy intends to retire in 2021; he wishes to spend more time with family and friends as well as focus on philanthropy.
Executive Retirement Details
However, Murphy will stay on as needed to ensure an orderly transition as the company identifies a successor. Moreover, Adobe is now conducting a search and evaluating internal and external candidates.
“John has made significant contributions to Adobe for which I’m deeply grateful. I wish him well as he pursues his passion for philanthropy,” said Shantanu Narayen, president and CEO, Adobe.
Murphy and the entire Finance and Operations organization have played an instrumental role in Adobe’s growth. During his tenure, Adobe’s revenue grew from over $7 billion in 2017 to more than $12 billion in 2020.
The company also successfully acquired and integrated several leading technology companies. Among them are Magento, Marketo, Allegorithmic and, most recently, Workfront. Murphy also oversaw a successful debt issuance program in January 2020.
A graduate of the University of Southern California, Murphy serves on the board of the USC Marshall School of Business. Moreover, he is an advocate for advancing educational opportunities for inner-city youth. In addition, he serves as a sponsor and mentor to diverse and minority executives.
Coincident with this announcement, Adobe reported record Q1 revenue and raised its annual targets for FY21.