The FINANCIAL — Adobe on January 22 announced that Mark Garrett, executive vice president and CFO, and Mike Dillon, executive vice president and general counsel, intend to retire in 2018.
To ensure an orderly transition and continuity of operations, both Garrett and Dillon will remain in their current roles with Adobe until their respective successors are in place. Adobe is conducting an internal and external search to fill both roles, and Garrett and Dillon will be active participants in the search for and transition to their successors.
“Mark and Mike have been phenomenal leaders and have played a pivotal role in making Adobe the company it is today. I’m grateful to both of them for their many contributions to Adobe’s growth and future success,” said Shantanu Narayen, president and CEO, Adobe. “Consistent with their exemplary leadership during their tenure at Adobe, Mark and Mike have committed to ensuring an orderly transition in advance of their retirement.”
Garrett, 60, joined Adobe in 2007. Under the financial stewardship of Garrett and his team, Adobe completed its transformative shift to a cloud-based subscription model and grew its revenue to $7.30 billion annually, at the close of fiscal year 2017. During Garrett’s time as CFO, Adobe has seen its revenue from recurring sources grow from approximately five percent to more than 85 percent today. Adobe also successfully acquired and integrated several companies during Garrett’s tenure, including Omniture, Day Software, Fotolia and TubeMogul, helping the company spur growth and expand into new markets, according to Adobe.
Dillon, 59, joined Adobe in 2012. Under Dillon’s leadership, Adobe’s legal and government relations team has built a stellar track record of governance, legal affairs, public policy and compliance for the company. With a passion for the outdoors and the environment, Dillon has also served as the executive sponsor for Adobe’s sustainability programs.
Coincident with this announcement today, Adobe filed its annual report on Form 10-K for fiscal year 2017, and in a separate press release reaffirmed and updated financial targets for its first quarter and fiscal year 2018 to reflect the impact of the new Tax Cuts and Jobs Act.