Furr Pelted - Adobe CFO Resigns
By: David Utter
Executive VP and chief financial officer Randy Furr abruptly resigned from software maker Adobe, even though Adobe ruled out any issues related to his job performance or the company's financial statements.
Adobe (ADBE) announced the surprise departure of its CFO, but did not disclose reasons for his resignation. With neither his work or the integrity of Adobe's accounting at question, Furr will stay on until December 31st to help with a transition.
Bruce Chizen, Adobe's CEO, will take on the CFO duties in the interim. The company has begun searching for Furr's replacement.
The markets don't seem too upset with Furr's resignation. Shares of Adobe were trading at 39.43 when the bell rang on Wall Street, and has been trading a little above its average for the past 30 days.
Back in October, the company raised its fourth-quarter outlook. Instead of net income of 19 to 22 cents per share, strong demand for software like the recently released Acrobat 8 should help Adobe meet the new forecast of 29 to 32 cents per share.
Acrobat 8 launched a week ahead of Furr's resignation. Adobe touted the venerable product's move beyond simple PDF creation into more effective communication and collaboration options for users in several professional and industrial sectors.
Adobe also integrated Acrobat Connect access with Acrobat 8. This is an online conferencing service that will complete with existing players like WebEx and GoToMeeting. Adobe makes Connect available in basic and professional versions.
That integration looks like the kind of feature that, if it were Microsoft doing it, would draw attention from competitors who may feel shut out of an opportunity to offer a conferencing service when Adobe has Connect built in to Acrobat 8.
Microsoft could even see an impact from this. It offers Office Live Meeting products, and positions the high-end version of that with its Live Communications Server. Maybe the lawyers in Redmond will have something to say about Connect as well.
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