Yahoo Finance Applied Materials Names New CFO as Durn Leaves For Adobe
(Bloomberg) -- Applied Materials Inc. said Chief Financial Officer Dan Durn is leaving the company Oct. 15 to become CFO at Adobe Inc.
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Bob Halliday, who previously served as CFO at Applied Materials, will step into the role on an interim basis until a successor is found, the company said in a statement Friday.
Durn is leaving Applied Materials, which makes machinery employed in semiconductor manufacturing, after a solid quarter, during which the company topped earnings estimates and gave a rosy forecast for the current period. Applied Materials said Friday it was leaving financial guidance unchanged.
At Adobe, Durn will fill the position being vacated by John Murphy, who announced his retirement earlier this year.
Adobe also recently gave an optimistic outlook, and its shares had been steadily rising this year before giving up some of those gains in recent weeks. The company’s digital media unit has benefited during the pandemic thanks to the growing popularity of such creative products as Photoshop and Illustrator as well as document cloud offerings like PDF and electronic signature software. Adobe announced in August that it would buy Frame.io, a startup that makes video collaboration software for $1.3 billion.
Shares of Adobe and Applied Materials were both little changed Friday morning in New York.
(Updates with shares in final paragraph. A previous version of this story corrected the spelling of the CFO’s name in headline)
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