Adobe announces resignation of President, decline in quarterly profit

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Adobe Systems Incorporated (Nasdaq — ADBE) announced on June 15, 2006, that Stephen Elop, president, worldwide field operations, will leave the company at the end of the financial year. Elop, former CEO of Macromedia, is responsible for the company's global sales organisation including field marketing, customer care and professional services. He was instrumental in helping Macromedia merge with Adobe, a stock deal valued at about US$ 3.4 billion. Adobe also announced June 15 that its quarterly profit fell 18 percent to US$ 123.1 million due to charges related to its acquisition of Macromedia. Adobe also cut its financial forecast for the rest of 2006. ...cont´d

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