Shutterstock (SSTK) CEO Resigns, Company Reaffirms Guidance
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Shutterstock (NYSE: SSTK) disclosed:
On April 27, 2022, Shutterstock, Inc. (the “Company”) was informed of the voluntary resignation by Stan Pavlovsky from his position as Chief Executive Officer of the Company. His resignation as Chief Executive Officer is effective on May 3, 2022. He also resigned from the Company’s board of directors (the “Board”) effective April 29, 2022. Mr. Pavlovsky resigned to pursue other business opportunities, and his resignation is not related to any disagreement with the Company on any matter relating to the registrant’s operations, policies or practices.
Effective May 3, 2022, the Board has appointed Jonathan Oringer, current Executive Chairman of the Board and former Chief Executive Officer of the Company, as interim Chief Executive Officer until the Company appoints a permanent Chief Executive Officer. Mr. Oringer, age 48, has served as the Company’s Executive Chairman of the Board since April 2020. Prior to assuming the role of Executive Chairman, Mr. Oringer served as Chief Executive Officer since the founding of the Company in 2003. Mr. Oringer’s compensation as a result of his interim appointment has not changed, and any future change to Mr. Oringer’s compensation as a result of the appointment will be reported in an amended Current Report on Form 8-K. The selection of Mr. Oringer to serve as Interim Chief Executive Officer was not pursuant to any arrangement or understanding with respect to any other person. In addition, there are no family relationships between Mr. Oringer and any director or other executive officer of the Company, and there are no related persons transactions between the Company and Mr. Oringer reportable under Item 404(a) of Regulation S-K.
The Company has already begun its search for a successor and is pleased with the progress so far.
Regulation FD Disclosure.
Our executive team remains confident and passionate about the Company’s strategic outlook and, in conjunction with this announcement the Company is re-affirming its previously announced full-year 2022 guidance as set forth in our first quarter earnings press release dated April 26, 2022.
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