Figma stock8/21/2023 When he travels on business, he insists on eating McDonald's at airports. Wadhwani is said to be a dedicated family man, with a wife, two daughters and a dog, though he allows himself one indulgence. "We've got to change something or we're going to be in trouble," Wadhwani said, according to Rencher's memory of the event.Īdobe said Wadhwani wasn't available for an interview and the company declined to comment on succession planning. But Wadhwani was ready to get down to business. There was an icebreaker to try and ease the executives into conversation. Rencher recalls a company offsite for executives a little over a decade ago at a spa resort in Carmel Valley, California, about two hours south of Adobe's headquarters in San Jose. ![]() Still, he can become passionate and animated. "He's made in Shantanu's image," Rencher said. Rencher said there's a clear similarity to his boss. business software company by market cap.Īmong past and current colleagues, Wadhwani is known to be unnervingly still in meetings, speaking in a slow and measured manner and often wrapping up by summarizing the three most critical points that were discussed. And it might be Wadhwani's make-or-break opportunity to prove he should be CEO of the fourth-biggest U.S. It shows Adobe's willingness to pay top dollar for a trendy asset and let it run independently, rather than just buying companies and integrating their capabilities into existing products. The biggest prior to Figma was marketing automation software provider Marketo, which Adobe bought for $4.75 billion in 2018.įigma is different. He orchestrated several billion-dollar-plus deals, including Omniture. In his 15-year tenure as CEO, Narayen hasn't been shy about dealmaking, just at a smaller size. The business Wadhwani oversees is roughly three times the size as Chakravarthy's in terms of revenue. Some sources close to the company said Wadhwani and Chakravarthy are both strong contenders but cautioned that Narayen isn't leaving anytime soon. Chakravarthy joined Adobe in 2020 after serving four years as CEO of Informatica. In January, Wadhwani and Anil Chakravarthy, the head of Adobe's marketing software business, were each named as presidents of the company, a title Narayen had held since 2005. A former executive told CNBC that everyone is wondering when Wadhwani will get the promotion. Wadhwani, Adobe's third highest-paid executive after Narayen, 59, and finance chief Dan Durn, is in the driver's seat to become the next CEO, a position strengthened internally by the Figma deal, some people close to Adobe said. Wadhwani, 51, has spent more than a decade at Adobe over two separate stints, rejoining the company in mid-2021 after six years in other Silicon Valley executive and investing roles. That distinction belongs to the president of Adobe's sprawling digital media business, David Wadhwani, according to people familiar with the transaction who asked not to be named because the details were private. While Narayen is still CEO, he's not the person who spearheaded this deal. Last month, Adobe agreed to pay $20 billion for Figma, the largest takeover of a private software company and a sum more than four times greater than what Adobe had ever spent in an acquisition. This time, the company faces an economic downturn highlighted by soaring inflation. With over three-quarters of 2022 in the books, Adobe's stock is down 43% this year and on pace for its worst year since 2008, the depths of the financial crisis. There's a similarly opportunistic sentiment in the air today. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower ![]() Best Debt Consolidation Loans for Bad Credit
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |