Adobe Systems announced yesterday that John Warnock, cofounder and chief technology officer of the software publishing company, would retire from the latter position effective immediately. Separately, the company lowered its financial forecast for the current quarter, citing the weak economy.

Warnock, 60, will stay on as chairman of Adobe's board alongside fellow cofounder Charles Geschke, who retired last year. The two men founded Adobe in 1982.

In a statement, Warnock said he is confident with the direction that Adobe's management team is heading in, and said now is a good time to step down.

"I've had a wonderful career at Adobe and I am proud of the products and technology the people of Adobe have created. I know they will continue to do amazing things in the future," he said.

Warnock already had begun to scale back his involvement in the day to day running of Adobe. In December last year he handed over the chief executive position to Bruce Chizen, who remains Adobe's president and CEO.

Adobe also reported yesterday a profit for its first fiscal quarter that topped analysts' lowered estimates, but warned of a possible slowdown ahead.