Adobe Inc. (NASDAQ: ADBE) announced that Chief Executive Officer Shantanu Narayen will transition from his role after the company appoints a successor. Narayen, who has led the software company for 18 years, will remain as Chair of the Board following his departure from the CEO position.

The Adobe Board of Directors has initiated a search process for Narayen's replacement, according to the company's statement. Frank Calderoni, Adobe's Lead Independent Director, will chair a special committee overseeing the succession process, which will evaluate both internal and external candidates.

"On behalf of the Board, I want to recognize Shantanu's contributions as CEO and architect of Adobe's transformation over the past 18 years, and for positioning Adobe for success in the AI-driven era," Calderoni said in the announcement.

The company did not provide a timeline for when the successor search will be completed. Narayen will continue serving as CEO during the transition period to ensure continuity of operations.

Adobe, based in San Jose, California, develops creative software and digital marketing tools. The company has undergone significant changes during Narayen's tenure, including its shift from selling packaged software to a subscription-based model.

The announcement was made through a press release statement from Adobe.