Shutterfly seeks a new CEO
December 2, 2015 03:26 PM
Shutterfly Inc., its losses mounting, plans to bring in a new leader early in 2016.
Current CEO and president Jeffrey Housenbold will step down from those roles in February. Shutterfly, No. 50 in the Internet Retailer 2015 Top 500 Guide, has formed a search committee to find a new CEO but has not publicly identified candidates. Housenbold joined the company in January 2005 from eBay Inc., where he was vice president of business development and Internet marketing.
Shutterfly’s revenue has grown at a 24.53% compound annual rate over the past five years, to $921.6 million in 2014 from $307.7 million in 2010. While sales are up 16.7% year over year through the first nine months of 2015 to $511.3 million, losses continue to grow. Shutterfly reported in its Q3 2015 earnings filing a net loss of $132 million through the first nine months, down from $107.5 million during the same time last year.
"Jeff has led this company through a period of transformative growth and diversification, while promoting a culture recognized as one of the best and most diverse in the country,” Shutterfly board chairman Philip Marineau said. “Under his leadership, the value of Shutterfly has increased by more than 17 times.”
The company started the final quarter of 2015 on a bright note, however. Shutterfly said Tuesday it generated record orders and revenue on both Black Friday and Cyber Monday but did not specify how many orders were taken or how much revenue was generated.
Housenbold’s departure is the second change to Shutterfly’s executive suite in the past month and a half. In late October, the company said Mike Pope would take over as its new chief financial officer, replacing Brian Regan.