- Push-out Score suggests push-out forces
- After almost eleven years in the position
- Accolades, praise and thanks for Garrett
- Search for a successor
(exechange) — San Jose, California, January 22, 2018 — Mark Garrett, finance chief of Adobe, leaves. As announced by Adobe Systems Incorporated in a news release and in a regulatory filing published on Monday, January 22, 2018, Mark S. Garrett leaves his post as Chief Financial Officer at the computer software company after almost eleven years in the position.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.8 years, according to data compiled by exechange. Only 20 percent of the CFOs who departed over the past twelve months left the position after more than ten years.
Garrett’s move comes twelve months after Shantanu Narayen took over as Chairman of Adobe Systems Incorporated.
Adobe also announced that Mike Dillon, executive vice president and general counsel, intends 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 will undertake a search for a successor.
No reason given
In the announcement, Adobe did not explicitly explain the reason for Garrett’s move, leaving room for speculation.
Precise information about Garrett’s future plans was not immediately available.
Adobe said: “Mark Garrett, executive vice president and CFO, and Mike Dillon, executive vice president and general counsel, intend to retire in 2018.”
Adobe further said: “On January 22, 2018, Mark Garrett notified Adobe Systems Incorporated … of his intent to retire as Executive Vice President and Chief Financial Officer of Adobe during 2018.”
Share price rise since August 2012
The change follows a rise in the share price of Adobe Systems Incorporated since August 2012.
Chaired by Shantanu Narayen
Adobe Systems Incorporated is chaired by Shantanu Narayen.
Shantanu Narayen has been the Chairman of the Board at Adobe Systems Incorporated since February 1, 2017 and its Chief Executive Officer since December 1, 2007.
In the position of CFO since 2007
Garrett joined Adobe in February 2007 as Executive Vice President and Chief Financial Officer.
Garrett served as Senior Vice President and Chief Financial Officer of the Software Group of EMC Corporation, a products, services and solutions provider for information management and storage, from June 2004 to January 2007, his most recent position since EMC’s acquisition of Documentum, Inc., an enterprise content management company, in December 2003.
Garrett first joined Documentum as Executive Vice President and Chief Financial Officer in 1997, holding that position through October 1999 and then re-joining Documentum as Executive Vice President and Chief Financial Officer in 2002.
Garrett is also a director of Pure Storage, Inc., the Adobe Foundation, and the Children’s Discovery Museum of San Jose.
As a general rule, when a top manager announces to step down with no successor in place, it is a sign that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mark Garrett’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 5.2018 ($).