Shutterfly Chairman to Resign in Latest Executive Departure
June 17 2016 - 11:30AM
Dow Jones News
Digital-photo company Shutterfly Inc. said Chairman Phil
Marineau would resign after Tuesday's annual shareholder meeting,
just weeks after a new chief executive took over.
Chief Executive Christopher North started on May 31 after coming
from Amazon.com Inc.'s U.K. business. Mr. Marineau served as
Shutterfly's interim CEO after Jeffrey Housenbold stepped down in
February.
Mr. Marineau became chairman in 2007 and said Friday that he was
resigning because the company was now in good hands and that it was
time for him to leave.
In addition to Mr. Marineau's departure, Shutterfly in the past
year has replaced its CEO and chief financial officer. Late last
year, Shutterfly's finance chief, Brian Regan, left to join
private-equity firm Spectrum Equity. Mike Pope was appointed chief
financial officer in November.
Shutterfly shares fell 0.2% to $47.06 in morning trading.
Shutterfly has hired Spencer Stuart to conduct a search to fill
board vacancies.
On Feb. 23, the The Redwood City, Calif., company said it had
received takeover interest but wasn't engaged in talks. Shutterfly
said in a regulatory filing that a private-equity firm it didn't
name had expressed interest in an acquisition.
Reuters reported that private-equity firm Thomas H. Lee Partners
LP had approached Shutterfly with a preliminary takeover bid.
Days later, EastBay Asset Management LLC reported a 5.4% stake
in Shutterfly and expressed "discontent" with the company's
handling of the bid.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
June 17, 2016 11:15 ET (15:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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