The new normal is all right for some Disruptions caused by COVID-19 continue to play into Adobe's hands with company execs last night toasting doubles all round as sales went up 14 per cent to $3.23bn year-on-year and pre-tax profit leaped 26.5 per cent to $1.06bn.…
Hello everyone! Welcome to this weekly roundup of Business Insider stories from executive editor Matt Turner. Please subscribe to Business Insider here to get this newsletter in your inbox every Sunday.  Hi everyone! Matt is off today, so this is deputy executive editor Olivia Oran filling in. We rolled out an exciting project this past week where readers can search for pitch decks from over 150 startups. For the past few years, Business Insider has published these decks to give readers an inside look at how successful companies persuaded investors to fund them. Now, these decks have been combined into a single, searchable library, which you can explore here: PITCH-DECK LIBRARY: Search through over 150 pitch decks that startups including Uber, Postmates, and Airbnb used to raise millions In other startup news, Bradley Saacks and Meghan Morris reported on how some of the world's most well-known private companies like Sweetgreen and and Palantir have lost value since the pandemic's start, according to their mutual-fund backers. And even before the pandemic hit, a survey of venture capitalists found that a majority believed unicorns were "significantly" overvalued. But in an interesting twist, bankers and valuation experts see a potential quick fix to falling valuations: SPACs, which have taken Wall Street by storm over the last month.  Read the full story here: Big investors have been slashing valuations on stakes in private companies like Palantir and Sweetgreen. But bankers say there could be a quick fix. We've also got some great advice on how to grow a startup from the cofounders of Monday Swimwear, who started with a $30,000 loan, were profitable in their first year, and doubled revenue every year since. You can read that here. Reach out to me anytime with feedback on our stories or tips we should be chasing! I can be reached at [email protected]  — Olivia  'Big 4' salaries, revealed Our most popular story of the week was a deep dive into salaries at the big 4 accounting firms. Last year, firms PricewaterhouseCoopers (PwC), KPMG, Ernst & Young (EY), and Deloitte — employed well over a million people. These firms are known for paying employees six-figure salaries right out of business school.  To figure out how much accountants and consultants make at these firms, reporters Weng Cheong and Alex Nicoll analyzed the US Office of Foreign Labor Certification's 2019 disclosure data for permanent and temporary foreign workers. For example, some analysts and auditors made more than $120,000 at Ernst & Young (EY), principals were given up to $950,000 in compensation at KPMG, and managers at PwC made $123,019 or more.  You can read the full story here: 'Big 4' salaries, revealed: How much Deloitte, KPMG, EY, and PwC accountants and consultants make, from entry level to executive roles More drama at Bon Appétit  Reporter Rachel Premack has been covering drama at Condé Nast Bon Appétit title over the last few months, including revelations of a toxic culture at the magazine for its employees and contributors of color. On Thursday, she reported that after weeks of contract negotiations, three Bon Appétit Test Kitchen video talent members said they wouldn't be in videos with the food brand going forward. The three stars' exit slashes in half the number of people of color who regularly appear in Test Kitchen videos. Leaning on Bon Appétit's videos for revenue seemed to be a winner for Condé Nast earlier in the coronavirus pandemic. However, as Rachel reports, "outgoing video talent said the publisher's video arm was more interested in maintaining the status quo — and the ultra-profitable videos centered on white food and cooks — than expanding the pay and video presence of their cooks of color." You can read the story in full here: 3 Bon Appétit Test Kitchen stars are walking, in a sign that Condé Nast's burgeoning YouTube empire will never be the same You can also check out an exclusive audio interview with Rachel about her reporting on Bon Appétit's toxic culture here.  As a reminder, you can: Sign up here to get the top stories in healthcare delivered to your inbox every day Sign up here to get the top stories in advertising delivered to your inbox every day Sign up here to get Insider Today, a daily newsletter that offers exclusive insights on the big stories. Sign up here for our new daily finance email. Below are headlines on some of the stories you might have missed from the past week.  Meet the 15 power players at Adobe helping CEO Shantanu Narayen expand beyond the company's core design software to take on rivals like Salesforce and Zendesk A student-housing developer with a crushing debt load pressured Georgia to bring college kids back to campus so it could keep its dorms full and revenues up Ghost kitchens are pitching themselves as the future of restaurants. These are the 14 companies in the space that you need to know. A new document sent to congressional watchdogs shows how Trump is preparing to hand over the US government if he loses to Biden Meet the 27 most influential fixers in public relations at companies like Johnson & Johnson, Lenovo, and Coca-Cola Join the conversation about this story » NOW WATCH: Pathologists debunk 13 coronavirus myths
While Adobe is best known for Photoshop, it has undergone a significant transformation over the last decade under CEO Shantanu Narayan, shifting its business model and adding new product lines.  As the company continues to evolve, it's now taking on new competitors like Salesforce and Zendesk. To tackle its many challenges, Narayan relies on a key group of leaders within his company.  We've identified the 15 executives that are leading Adobe behind the scenes and helping Narayan navigate its future. Click here to read more BI Prime stories. While Adobe is still best known for its flagship photo editing software Photoshop, it's spent the last decade  transforming itself: expanding its business and adapting to the changing world.  CEO Shantanu Narayan has been spearheading that shift since 2007.  To keep up with the move to the cloud, for example, Adobe transitioned its photo editing and creative software tools from the old one-time purchase format into a new annual or monthly subscription model. It also built out a digital marketing software unit, with the thesis that its many users who were marketing professionals would buy tools that showed them how the content they created with Adobe's others products was performing.   Today, it's business revolves around Adobe Creative Cloud, which includes Photoshop and its other design software, Document Cloud, which includes its PDF and digital signature tools, and Experience Cloud, the digital marketing unit.  While its creative business has high margins, its digital marketing unit faces stiff competition from Salesforce and smaller players like Zendesk, Baird analyst Robert Oliver told Business Insider. Meanwhile, Adobe is also investing in technology like artificial intelligence to bolster all its product lines.  To tackle Adobe's challenges and grow the company, Narayan relies on a group of key leaders within his company. Here are the 15 people who have helped make Adobe into what it is today, and who will lead the charge as it continues to evolve:SEE ALSO: Microsoft just launched new tools for reopening offices safely, and they could help it compete with Salesforce Anil Chakravarthy, executive VP and general manager, digital experience business and worldwide field operations Anil Chakravarthy joined Adobe in January to take on a key role at the company: Leading its digital experience business, which sells cloud-based marketing software. He recently took over worldwide field operations which includes the sales organization and customer success teams.  Before Adobe he was the chief executive at data management company Informatica, which he helped transform into a cloud-first, subscription-based business.  As Adobe tries to build traction for its cloud marketing business, Chakravarthy's experience will be vital.  "Adobe is the clear leader in the exploding Customer Experience Management category, and I cannot think of a more exceptional and experienced candidate than Anil to drive Adobe's Digital Experience business in 2020 and beyond," Adobe CEO Shantanu Narayen said in a press release at the time of Chakravarthy's hire.  Abhay Parasnis, chief technology officer and executive VP, strategy and growth Abhay Parasnis has been Adobe's chief technology officer for the last five years, leading its technology strategy and overall product engineering and data science agenda across the its entire portfolio of products. That includes leading Adobe's research into areas like artificial intelligence and machine learning. He recently  spearheaded the launch of a new Photoshop Camera app that uses AI to take and edit photos, and hired Marc Levoy, the researcher who led camera development for Google's Pixel phone.  In February, Parasnis also began guiding Adobe's overall corporate strategy, strategic M&A, and global partnerships. John Murphy, executive VP and chief financial officer John Murphy leads Adobe's finance and operations team as its chief financial officer. He first joined the company in 2017 as its chief accounting officer and corporate controller.  Before joining Adobe, Murphy was the chief accounting officer and global controller at Qualcomm, and held finance roles at Direct TV and Experian before that.  Gloria Chen, chief people officer and executive VP, employee experience Gloria Chen leads all of Adobe's human resources, real estate, and security operations around the world, managing more than 22,000 employees at 75 locations. She was promoted to the role in January when her predecessor Donna Morris left the company.  Previously she led growth initiatives like corporate strategy, corporate development, and strategic partnerships. CTO Abhay Parasnis took over those responsibilities in February.  Chen has been at the company for over 20 years and throughout her time has shaped its ecommerce strategy, built its enterprise business, and managed significant acquisitions and integrations. She's also held senior leadership positions in worldwide sales operations, customer service and support, and strategic planning before her current gig.  Ann Lewnes, executive VP and chief marketing officer Ann Lewnes joined the company 13 years ago and now runs Adobe's marketing organization.  She is credited with overseeing Adobe's shift to digital, including adapting its marketing organization.  Prior to Adobe, she spent 20 years at Intel working in the marketing department.  Scott Belsky, chief product officer and executive VP, Creative Cloud Scott Belsky's main focus is developing and evolving Adobe's Creative Cloud suite of products, which are a huge part of its business. He manages product management and engineering for its Creative Cloud products and services, Adobe Spark, and Adobe's user community Behance. He also manages the design team, which stretches across all Adobe's products. This is Belsky's second stint at Adobe: He originally joined when it acquired Behance — the company he cofounded — in 2012. He then spent roughly four years leading Adobe's mobile strategy for Creative Cloud until 2016 when he left for venture firm Benchmark. He returned in late 2017.  Alisa Bergman, VP, chief privacy officer Alisa Bergman is responsible for making sure Adobe's products use customer data ethically and responsibly. She leads the trust and safety team and her role covers data security and privacy efforts, as well as regulatory and public policy matters. That means she's responsible for adapting Adobe's polices to align with Europes GDPR regulations and California's recently-enacted consumer privacy laws.  Bergman has been at Adobe for four years, joining after six years as chief privacy officer for Warner Bros. Entertainment Inc.  Cynthia Stoddard, chief information officer As chief information officer, Cynthia Stoddard runs Adobe's global information technology and reliability engineering teams. She creates the strategy for delivering services and tools that keep the company running.  She joined Adobe four years ago, after serving as the chief information officer at NetApp for five years. Amit Ahuja, VP, ecosystem development Amit Ahuja is responsible for building and managing strategic partnerships for Adobe. That includes partnerships with other large tech giants like Microsoft and IBM. He was instrumental in helping build Adobe's enterprise business around its marketing cloud products, including overseeing its $1.8 billion acquisition of  web analytics company Omniture and, more recently, Auditude. Ahuja first joined Adobe in 2005 via its acquisition of Macromedia, where he was in the corporate development group focusing on mobile and video. He then joined the corporate development group at Adobe.  Bryan Lamkin, executive VP and general manager, digital media Bryan Lamkin leads two of Adobe's key product lines: Creative Cloud and Document Cloud. Adobe's Creative Cloud is the most well known of its product lines and has become the "gold standard" for design within companies around the world, said Baird Oliver.  Document Cloud also has a huge reach, as it includes Adobe's Acrobat Reader and related tools.  Lamkin, too, is an Adobe boomerang: He first joined in 1992 and spent more than a decade at the company, including leading Photoshop, before leaving in 2006. After a stints at startups as an investor and an executive, he rejoined Adobe in 2013. Ashley Still, senior VP, digital media Ashley Still is responsible for the day-to-day operations of both Creative Cloud and Document Cloud. Document Cloud products are seeing rapid growth under her leadership, especially as digital documents are becoming more necessary in the remote work era.  She's also helped get Adobe's digital signature tool in front of sectors like education and government, with usage increasing 175% since the beginning of the year.  She previously lead the Creative Cloud for enterprise business and was instrumental in transitioning Adobe from a packaged software company to a cloud-based subscription operating model. She first joined Adobe in 2004 as an intern.  Jamie Myrold, VP, design Jamie Myrold has been leading design at Adobe for over 14 years. She's responsible for the user design of Adobe's creative tools as it made its transformation to a cloud-based software provider.  She writes on her LinkedIn that she wants to "inspire the next wave of design leaders" by "encouraging her teams to push boundaries and develop skills that impact all aspects of business strategy and product creation." In addition to her main role, she has advocated for diversity and inclusion initiatives at Adobe.  Mala Sharma, VP & general manager, Creative Cloud product marketing and community Mala Sharma runs product marketing and community for Adobe's Creative Cloud product line. She has been at Adobe for 15 years and has steadily risen up the ranks of the company's product marketing unit.  Previously she worked in marketing and business units for the tech and consumer packaged goods industry at Creative Labs and Unilever. Dana Rao, executive VP, general counsel, and corporate secretary Dana Rao leads Adobe's legal and government relations team as its general counsel. He's been at the company for over eight years, and originally joined as its VP of intellectual property and litigation, and was responsible for Adobe's patent, trademark and copyright portfolio strategies.  Previously, Rao worked at Microsoft for 11 years in both intellectual property and patent acquisition roles.   Anjul Bhambhri, VP, platform engineering Anjul Bhambhri leads platform engineering at Adobe and is responsible for the strategy of Adobe's Experience platform, development and technology partnerships with Microsoft Azure, and Customer Journey Management.  Before Adobe, she worked at IBM for 14 years, most recently as vice president of engineering for its big data and analytics platform. Do you work at Adobe or another tech company? Contact this reporter via email at [email protected] or Signal at 925-364-4258. (PR pitches by email only, please.) You can also contact Business Insider securely via SecureDrop.
Microsoft's Satya Nadella was rated the best CEO in the US by Black, Indigenous, and employees of color, according to a new survey from Comparably.  Nadella moved up 14 spots since last year's rankings, where he came in at No. 15. Several other CEOs of major tech companies made the top 10, including Google CEO Sundar Pichai, Zoom CEO Eric Yuan, and Apple CEO Tim Cook. Visit Business Insider's homepage for more stories. Microsoft's Satya Nadella has been rated the best CEO in the US by Black, Indigenous, and people of color who work for him.  That's according to Comparably's annual survey of the top 25 CEOs, ranked by non-white employees. Comparably surveyed workers at 60,000 large and small companies in the US from June 30, 2019, through June 30, 2020. The survey asked employees to rate CEOs on their overall effectiveness and management style, as well as the company's workplace culture. The company said it used 10 million ratings to compile the final rankings.  Nadella took the top spot among large companies, moving up considerably since last year's survey, where he came in at No. 15.  Nadella wasn't the only tech CEO to rank among the best leaders when it comes to diversity. In fact, 7 of the top 10 CEOs hail from the tech industry: Satya Nadella, Microsoft CEO Vlad Shmunis, CEO of cloud company RingCentral Sundar Pichai, Google CEO Eric Yuan, Zoom CEO Carlos Rodriguez, ADP CEO Steve Bilt, Smile Brands CEO Sid Sijbrandij, CEO of DevOps software GitLab Tim Cook, Apple CEO Mike Walsh, LexisNexis CEO Chris Caldwell, Concentrix CEO Adobe's Shantanu Narayen and Instacart's Apoorva Mehta also made the top 25. After the killing of George Floyd in May sparked nationwide protests in support of the Black Lives Matter movement, Nadella publicly championed the movement in an email sent to employees and a blog post on the company's website. "We are committed to take action to help address racial injustice and inequity, and unequivocally believe that Black lives matter," Nadella wrote on Microsoft's blog.  Nadella announced that Microsoft would commit $150 million to improving its diversity and inclusion efforts and would increase the number of Black employees in leadership positions within the company. The company reported in its 2019 diversity report that its total workforce is only 4.5% Black, and less than 3% of employees in senior roles are Black. SEE ALSO: The 25 best CEOS in 2020, according to Black, Indigenous, and employees of color Join the conversation about this story » NOW WATCH: How waste is dealt with on the world's largest cruise ship
CEO: Stitching together customer profiles in real time is the game-changerPrice increase or new customers?CFO John Murphy referenced the bottom line-fattening Creative Cloud price increases in April 2018 on a confernece call with analysts, though CEO Shantanu Narayen quickly chimed in to claim: "It's primarily new user growth."It's a timely reminder that subscription customers are always vulnerable to price increases.However Adobe's design products are popular for a reason and there will be few complaints about the pace at which the core products evolve.The developer of software for creative types yesterday reported an uptick of 25 per cent year-on-year revenue growth to $2,744bn as well as operating income to the tune of $750m, up fom $698.4m.
Apple, Facebook, Google and the rest of Silicon Valley may be under pressure from consumers and lawmakers, but tech employees apparently see a different side of chief executives.Apple CEO Tim Cook and Facebook CEO Mark Zuckerberg landed on Glassdoor's 2019 list of the top CEOs in the US.In total, 27 CEOs from the tech industry made this year's list.Pat Gelsinger, CEO of VMware (No.To qualify for the list, current CEOs must receive at least 100 CEO approval ratings and 100 senior management ratings between May 2, 2018, and May 1, 2019.(97% CEO approval rating)-- maintained
Facebook co-founder and CEO Mark Zuckerberg may be in no danger of losing his job anytime soon, but the perception of the job he is doing took a big-time hit over the past year, at least according to the annual Top CEOs in 2019 list from job and recruiting site Glassdoor.Zuckerberg and company had a rough 2018, topped by the Cambridge Analytica scandal, and 2019 isn’t off to a great start, either.55 in Glassdoor’s 2019 rankings (still with a 94% approval rate from employees) from No.He and Apple’s Tim Cook are the only CEOs to make the list in all seven years that it has been published, although Glassdoor noted that Salesforce’s Marc Benioff has done so, as well, but he and Keith Block were honored together this year.Pat Gelsinger, CEO of VMware, soared to the top spot on this year’s list and a 99% approval rating, after coming in at No.5, 98% approval rating), Microsoft’s Satya Nadella (No.
Career website Glassdoor today released its latest report highlighting the top 100 chief executive officers, and once again the tech world played a big role in the list.This year, VMware CEO Pat Gelsinger took the number one spot.It’s a bit of a surprise that Gelsinger has assumed the throne.Last year, he was 78.Furthermore, VMware was recently voted the 51st best company to work for in the U.S. On the flipside, how Mark Zuckerberg fared should shock nobody.The Facebook CEO dropped 39 spots this year compared to last.
Adobe hosted its annual flagship conference this week in Las Vegas, where it unfurled its vision of how marketing clouds can help brands bridge online and offline data to improve customer experience.Adobe CEO Shantanu Narayen took to the conference stage to present details on a number of his company’s strategic relationships, among them are ties with Microsoft, Roku and SAP.Adobe and Microsoft grow ever-closerOriginally announced in September 2018, Adobe outlined the progress of the Open Data Initiative–a project led by Adobe, Microsoft and SAP–namely the formation of a partnership council, with notable names including Accenture, plus advertising players InMobi and WPP, with the aim of helping brands integrate disparate data sources.Microsoft CEO Satya Nadella joined Narayen on stage to discuss mutual projects which are the basis for two of the major product announcements at this year’s Adobe Summit, with some attendees contrasting it with the rival Google/Salesforce stable.In front of an assembled 16,000-strong audience, the two CEOs discussed their shared belief that such open data models will help drive “diversified experiences” where brands are able to harness their customer data and use it to enhance interactions, both online and offline.
“India is unstoppable on the path of economic progress [and] … wants the world to see the tremendous opportunities it offers,” he said, ahead of paying a visit to the U.K.But over the past year, in the run-up to the general elections in May, the Indian government has unveiled — and in many cases, enforced — a wave of sweeping changes.In April, the Indian government issued a regulatory directive that required U.S. payment firms to locally store financial data of Indians.The government said it needed the U.S. giants to comply to ensure “better monitoring” and added that “it is important to have unfettered supervisory access to data stored with these system providers as also with their service providers / intermediaries/ third party vendors and other entities in the payment ecosystem.”MasterCard and Visa, the two biggest card networks in the U.S., as well as lobby groups that represent Google and Facebook — both of which offer payment solutions in India — fiercely opposed the directive for months.Despite intense lobbying and public outcry from the corners of the U.S. government, India did not flinch, and refused to extend the six-month deadline.
It’s worth noting that no tech company achieved greater than a 4.5 overall rating.TL;DR Employees are generally less satisfied with tech companies this year than they were last year.Quick fun sad fact: None of these companies are led by female-identifying, trans or non-binary people.Photographer: Mark Kauzlarich/Bloomberg via Getty ImagesPositive employee reviews: “Clarity of work, growth, smart coworkers, benefits”Negative employee reviews: “Salary, hierarchical, deep rooted long term relationships/loyalties in teams made it hard for new team members.”
Shantanu Narayen, president and chief executive officer of Adobe Systems Inc., speaks during the launch of Adobe Creative Cloud and CS6 in San Francisco, California, U.S., on Monday, April 23, 2012.David Paul Morris/Bloomberg via Getty ImagesMarketers view Adobe's $4.75 billion acquisition of Marketo as a harbinger of a string of big acquisitions.Google is also in the mix with its Google Marketing Cloud, and has an advertising business that could wipe out others.Adobe is buying Marketo for $4.75 billion, making it one of the largest marketing-tech acquisitions in recent years and Adobe's largest acquisition ever.But unless you're well-versed in mar-tech jargon, you’d be forgiven for asking, "Wait, what does Marketo do?
Now it's expanding features to help hospitality and travel brands better understand how people move around the globe.Nacho Doce/ReutersAdobe released new features on Wednesday to enhance its Experience Cloud for travel and hospitality customers.The new features use AI to help these travel and hospitality brands better personalize their marketing and advertising to customers.The updates also let brands track individual users across devices so that their actions are accounted for across apps, websites and on-site screen interactions.Subscriptions grew 24% last quarter, and revenues for the cloud were up 18% from the year before.Adobe CEO Shantanu NarayenRick Wilking/Reuters
Adobe reported its Q2 FY’18 earnings yesterday and the news was quite good.The company announced $2.2 billion in revenue for the quarter up 24 percent year over year.Revenue was up across all major business lines, but as has been the norm, the vast majority comes from the company’s bread and butter, Creative Cloud, which houses the likes of Photoshop, InDesign and Dreamweaver, among others.Adobe has been mostly known as a creative tools company until recent years when it also moved into marketing, analytics and advertising.Clearly Adobe has set its sights on Salesforce, which also has a strong marketing component and is not coincidentally perhaps, the most recently crowned $10 billion software company.“The acquisition of Magento will make Adobe the only company with leadership in content creation, marketing, advertising, analytics and now commerce, enabling real-time personalized experiences across the entire customer journey, whether on the web, mobile, social, in-product or in-store.