Adobe Announces Resignation of President, Worldwide Field Operations
SAN JOSE, Calif. -- Adobe Systems Inc. announced yesterday that Stephen Elop, president of the company’s worldwide field operations, will resign at the end of the fiscal year. Elop, who will remain with the company through Dec. 5, 2006, is responsible for the company’s global sales organization including field marketing, customer care and professional services. He previously served as the CEO of Macromedia, which was acquired by Adobe in December 2005.
Adobe CEO Bruce Chizen announced Elop’s decision in a company press release, saying “Stephen has been a tireless advocate committed to the successful integration of Macromedia and Adobe. However, looking beyond a successful integration, the responsibilities of leading Adobe’s worldwide field operations are not aligned with his longer-term career goals. We’ll miss his leadership, and we wish him well.”
Attempts to reach Elop for comment were unsuccessful, but the announcement came on the same day Adobe reported second quarter revenue growth of 28 percent over the same period a year ago. However, Adobe’s second quarter earnings of $635.5 million came up just shy of the company’s targeted $640 million to $670 million range.
“We are pleased we were able to deliver on our earnings targets in Q2 despite coming in slightly below our targeted revenue range,” said Chizen. “Looking forward, as the explosion of digital content accelerates, we continue to be excited about our prospects for future growth.”