Shutterfly Chairman to Resign in Latest Executive Departure

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 [e-mail]

(END) Dow Jones Newswires

June 17, 2016 11:15 ET (15:15 GMT)

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