New Delhi, March 22 -- Recently, Shantanu Narayen, Adobe's long-time chief executive, said he will step down once a successor is found. His 18-year tenure unfolded in two distinct acts.

The first was a triumph. He remade Adobe from a boxed-software vendor into a subscription powerhouse, lifting revenue from about $3 billion in 2007 to more than $24 billion by 2025. The second was a reckoning. As generative artificial intelligence (AI) and collaborative tools reshaped the industry, Adobe faced a sharp valuation decline, a high-profile regulatory setback and rising doubts about whether its moat can withstand a new generation of AI-native rivals.

When Narayen took over as chief executive in late 2007, Adobe was valued at about $24 billion....