Software company
Adobe Inc.
has recruited
Applied Materials Inc.’s
finance chief to lead its finances, succeeding
John Murphy,
who announced his plans to retire earlier this year.
San Jose, Calif.-based Adobe, the company behind Photoshop and other digital publishing products, said
Dan Durn
will begin his new role on Oct. 18. He has served as chief financial officer at chip-equipment company Applied Materials since 2017. Before that, he was finance chief at chip maker NXP Semiconductors NV following its 2015 merger with Freescale Semiconductor. He has also held senior roles at semiconductor firm GlobalFoundries Inc. and investment vehicle Mubadala Technology Fund.
Mr. Durn will step down as CFO of Applied Materials on Oct. 15, the Santa Clara, Calif.-based company said. Applied Materials’ former CFO
Bob Halliday
will return as interim finance chief while the company searches for a permanent successor.
“Dan has decades of experience in the technology industry and his extensive expertise in finance, operations and global strategy make him the ideal choice to drive Adobe’s continued growth and profitability,”
Shantanu Narayen,
Adobe’s chief executive and president, said in a press release.
Adobe said in March that Mr. Murphy, its current CFO, planned to step down to spend more time with his family and focus on other interests, such as philanthropy. He joined Adobe in 2017 from chip manufacturer
Qualcomm Inc.,
where he served as chief accounting officer and global controller.
Adobe is one of many cloud software companies that have reported an uptick in demand amid the pandemic. The company generated $3.94 billion in revenue, primarily from subscription products, during the quarter ended Sept. 3, up 22% from the prior-year period. Net income rose 27% over the same timeframe, to $1.21 billion.
Once known for desktop publishing products such as Acrobat, Adobe has transitioned in recent years to become a cloud-based subscription business.
In his new role, Mr. Durn is expected to receive a base salary of $850,000 a year and would be eligible for a target bonus equal to 100% of his annual base salary, Adobe said in a filing with securities regulators. Mr. Durn is also eligible to receive a sign-on bonus of $6.2 million payable in two equal installments, according to the filing.
Adobe declined to comment beyond its press release.
—Nina Trentmann contributed to this article.
Write to Michael Dabaie at michael.dabaie@wsj.com
and Kristin Broughton at kristin.broughton@wsj.com
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