Software firm Adobe announced that Anil Chakravarthy will take the helm in December, replacing current CEO Shantanu Narayen.

Chakravarthy is currently president of Adobe's Customer Experience Orchestration business and worldwide field operations. He joined the company in 2020 after serving as CEO at cloud data management firm Informatica.

"Shantanu Narayen will transition to executive chair and work closely with Chakravarthy to ensure a smooth transition and support Adobe's ongoing transformation," the company added.

Adobe stock has struggled in recent years despite steady revenue growth. Shares are down 18% over the past year and are trading at less than half their 2024 highs north of $600. One big concern is that artificial intelligence tools such as Claude Design could hurt demand for the company's core products.

Narayen has been CEO for the past 19 years. He will become executive chair once Chakravarthy takes over.

Adobe shares were down 1.4% in after-hours trading after the news. The company reports earnings next week.