Redwood City, CA—Shutterfly Inc. announced that Jeffrey Housenbold will step down from his roles as president, chief executive officer and a member of Shutterfly’s board of directors to pursue other opportunities.
The leading manufacturer and digital retailer of personalized photo products and services reported that Housenbold will continue in his position until February 2016 and the board of directors has hired Spencer Stuart to assist its search committee in recruiting a new CEO.
Under Housenbold’s leadership, Shutterfly has grown from a start-up with a single brand, 103 employees and $54 million in revenue to the fifth largest stand-alone e-commerce company in the U.S. According to the company, its market share is estimated to be eight times the size of its closest online competitor. Shutterfly now offers a portfolio of seven lifestyle brands, employs more than 2,000 full-time employees and posts more than one billion dollars in annual revenue.
“I am honored and privileged to have served as president and CEO of this great company,” said Housenbold. “I would like to highlight my deep appreciation for the tens of millions of customers who have trusted us with 30 billion of their most precious memories. I would also like to thank Shutterfly employees, who have built an internationally recognized brand. Together, we pioneered and continue to lead our industry by developing the most innovative, intuitive and highest quality products and services with trend-forward designs and best-in-class customer service; all while delivering the largest profit margins in our industry.”
Housenbold continued, “After 11 years as CEO, the time has come to recharge my batteries and find a new career adventure. Over the next few months, I am committed to helping ensure a smooth transition, assisting the board in finding my successor and leading the company through our important fourth quarter. Looking ahead, I am fully confident the team will successfully execute the rollout of Shutterfly 3.0, setting the stage for the next phase of growth for the company.”
Founded in 1999, the Shutterfly portfolio of brands now includes Shutterfly, where consumers can use their photos to create photo books, cards and gifts; Tiny Prints, a premium cards and stationery line for all occasions; Wedding Paper Divas, a wedding invitations and stationery provider; MyPublisher, one of the pioneers in the photo book industry and creator of easy-to-use, photo-book-making software; ThisLife, a private, cloud-based solution designed to make it easy for consumers to find and share their photos and videos all in one place; and BorrowLenses, an online marketplace for photographic and video equipment rentals.
“On behalf of the entire board, I want to thank Jeff for his vision, leadership and outstanding contributions to Shutterfly,” said Philip Marineau, chairman of the board. “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. Under his leadership, the value of Shutterfly has increased by more than 17 times. Additionally, Jeff has built a deep bench of senior talent with a customer centric attitude that will continue to deliver long-term value for our shareholders. We appreciate Jeff’s willingness to assist in a smooth transition and wish him the very best for the future.”
The company reaffirmed its full year revenue and adjusted EBITDA guidance of $1.040 billion to $1.060 billion and 18% to 18.5% of net revenues, respectively, as provided on its October 27, 2015 Q3 earnings call. shutterflyinc.com
