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Adobe stock takes a dive
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March 2, 2000: 6:33 p.m. ET
Graphics software provider, Adobe Systems, in search of a new CFO
By Staff Writer Lucy Banduci
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NEW YORK (CNNfn) - Adobe Systems Inc. shares plunged almost 20 percent Thursday, a day after it announced the resignation of its executive vice president and chief financial officer, Harold L. Covert.
Stock in the San Jose, Calif.-based publishing-and-graphics software provider closed down 19-3/4 at 80-5/8 after it reported that Covert decided to leave to pursue other opportunities.
When asked why the stock had tumbled, Jay Vleeschhouwer, an analyst for Merrill Lynch, asked, "Have you read the news? That's why." Merrill Lynch maintains its buy rating on the company.
Officials said Murray Demo, vice president and corporate controller, will be appointed the interim CFO of Adobe Adobe ADBE: Research, Estimates while a search for a replacement is conducted. Murray has been with Adobe, which had $1.015 billion in 1999 revenue, for more than three years.
"Adobe's turnaround, our solid financial base, and the strong line up of new products that we will deliver this year, position Adobe for its next level of growth, " said John E. Warnock, chairman and chief executive officer of Adobe. 
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Adobe Systems Inc.
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