Adobe appoints three new board members

Reuters News
Posted: May 14, 2012 7:10 PM
Adobe appoints three new board members

(Reuters) - Adobe Systems Inc, maker of Photoshop and Acrobat software, has appointed three new members from technology and media companies to its board of directors.

The company said on Monday that it added Cisco Systems Inc chief financial officer Frank Calderoni, Comcast Venture's managing director, Amy Banse, and Laura Desmond, global head of the Starcom MediaVest Group, to the board.

That raises the number of board members to 12 from 9, the company said.

"Amy Banse, Frank Calderoni and Laura Desmond bring deep expertise in media and technology to our board, which are critical to our mission of being the category leader in digital media and digital marketing," John Warnock and Chuck Geschke, co-chairmen of the Adobe board said in a statement.

Adobe, the biggest maker of design software, reported slower first quarter revenue growth in March as sales of its widely used Creative Suite software fell, missing its forecasts, ahead of widely anticipated product launches.

Analysts are increasingly concerned the Web-based subscription service, known as Creative Cloud, will hurt Adobe's financial growth over at least the short term.

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In November, Adobe said it planned to lay off more than 7 percent of its workforce and take a charge of up to $94 million as part of a restructuring to focus on core businesses such as digital media and marketing.

(Reporting By Nicola Leske; editing by Andre Grenon)