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Adobe shakes up top spots

Adobe's COO resigns as the company announces a string of organizational changes intended to streamline planning and decision making.

Adobe Systems (ADBE) today announced that its chief operating officer has resigned, and that it plans a string of organizational changes.

David B. Pratt, executive vice president and chief operating officer, will resign November 30, 1997. A nine-year veteran of Adobe, Pratt presided over the growth of the company's Outgoing COO David Pratt applications software revenue from under $10 million annually to $590 million in the fiscal year ending November 1996, the company said. No reason for Pratt's departure was given.

The board of directors of the San Jose, California-based software maker has created the office of the chairman of the board, and has eliminated the position of chief operating officer, the company said.

Meanwhile, the Chairman of the Board position will be shared by two of the founders of the company, John E. Warnock and Charles M. Geschke. Warnock will continue to direct the company's product, strategy, and technology directions, and will direct business expansion activities, while retaining his CEO position. Geschke will assume expanded roles in running Adobe's day-to-day marketing, selling, and operations and retains the position of president.

Earlier this week, Adobe chalked up better-than-expected earnings due to strong shipments of Windows-based products and solid performance for Macintosh applications, the company said.

For its third fiscal quarter ended August 29, including non-recurring items, Adobe reported a net income of $53.4 million, or 72 cents a share, compared with a net income of $29.8 million, or 40 cents a share, a year ago. Analysts were expecting 48 cents a share, according to First Call.