The leadership vacuum keeps the ADBE multiple from re-rating
vacant
CEO seat
successor pending
exit announced Mar 12 '26
stays board chair
vacant
CFO seat
Durn departed
interim: Steve Day
Evercore: needs fill
freemium + AI pivot
ownership unassigned
fundamentals strong
GM ~89% · OM ~36%
freemium + AI engine
closed: no underwrite
sell-side underwrite gate
Evercore: no turn till CEO + CFO
MS: Sell · $240 tgt · AI open
~14x fwd P/E
~10x EV/EBITDA
trough
CEO successor
named
stays board chair
CFO settled
replaces interim
Steve Day exits
freemium + AI
monetization plan
ARR-growth guidance