Shantanu Narayen will step down as Adobe CEO once a successor is appointed, though he will remain board chair. After 18 years at the helm, his transition marks the company’s first change in top leadership since 2007.

Shares fell 8% to $248.25 pre-market following the exit announcement, leaving the stock down for five consecutive sessions and at risk of its worst single-day drop in over a year. Nine analysts cut their price targets in response, including Barclays lowering its target to $275 from $335.

In fiscal Q1, revenue rose 12% year-over-year to $6.4 billion, driven by a 13% increase in subscription revenue to $6.2 billion and a 13% rise in remaining performance obligations to $22.22 billion. These figures exceeded consensus forecasts, highlighting continued demand for Adobe’s creative and document cloud offerings.

Adobe agreed to a $75 million payment to resolve a lawsuit over concealed subscription termination fees, and will provide an additional $75 million in free services to eligible customers. The settlement aims to address consumer complaints about difficulty cancelling Adobe’s popular subscription plans.