Shutterstock is a huge part of the online photography community and its founder and current CEO just made a major announcement in the history of the company.
After 16 years at the top, Jon Oringer will be leaving the company as CEO this April.
PetaPixel speculates that this might be tied to the less-than-stellar financials the company reported for the fourth quarter of 2019.
He won’t be stepping back entirely and will assume the position of Executive Chairman of the Board for Shutterstock to deal with special projects, mergers and acquisitions, and overall strategic planning for the company. He will be succeeded by current COO Stan Pavlovsky who joined Shutterstock just last year after a stint with major web publisher Meredith Digital.
In an open letter, Oringer wrote:
“The fact of the matter is that our business has grown and evolved to a point where we would all benefit from a CEO that has a different set of skills than I have. We are ready for the next level and need the right person to take us there.
…Of all the milestones, the one I am most proud of is the over $1 billion dollars earned for our contributor community. These contributors live in over 100 countries and provide millions of images, videos and music tracks to us every month. They embody the original passion I had in starting this business, making content available to everyone, everywhere.”
As many analysts have pointed out, this is probably a long-overdue move as the market cap for Shutterstock has pretty much halved since its debut in 2014 at $USD 3.5 billion to $USD 1.4 billion today.
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