Adobe replaces CEO Chizen with COO Narayen

SAN FRANCISCO (Reuters) - Web design software maker Adobe Systems Inc said on Monday it is replacing Chief Executive Officer Bruce Chizen, a surprise move that helped send the company's stock down 2.8 percent.
Chizen will be replaced by Shantanu Narayen, who has been with Adobe for nearly 10 years and most recently served as president and chief operating officer.
Chizen, who has spent 14 years at San Jose-based Adobe, will remain on the board of directors through spring 2008, the company said.
Adobe, whose products include Photoshop picture editing software and Acrobat Reader for viewing documents, also said it expected fourth-quarter revenue to be near the high-end of its target range of $860 million to $890 million.
Shares of Adobe fell 2.8 percent to $41.00 after the news was announced. In regular Nasdaq trade, the stock fell 2.4 percent to close at $42.19.