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Investing.com -- Online image publishing giant Shutterfly Inc (O:SFLY) announced on Tuesday that CEO Jeffrey Household will step down from his position in February to pursue other opportunities.
Shutterfly, one of the top manufacturers and digital retailers of high-quality, personalized photo products online, has hired Spencer Stuart to aid in its search for a new CEO and president. Housenbold will also step down from his position with the company's Board of Directors. Under Housenbold, Shutterfly has grown from a start-up with a single brand, roughly 100 employees, and $54 million in revenue to the fifth-largest standalone e-commerce company in the U.S. with a market share nearly eight times more than its closest online rival.
"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 joined Shutterfly in January, 2005, after serving in an executive capacity in various roles at eBay from March, 2001 through 2005. For three years beginning in 2002, Housenbold held the company's title of Vice President of Business Development and Internet Marketing. A graduate of the Harvard Business School, Housenbold has served on the Board of Directors at Caesar's Entertainment, Groupon and Chegg, Inc. among others.
"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."
Separately, Shutterfly announced Tuesday that it is reaffirming its full-year revenue and adjusted EBITDA guidance of $1.04 to $1.06 billion and 18 to 18.5% of net revenues respectively.
After closing down slightly in Tuesday's regular session, shares in Shutterfly fell 0.01 or 0.02% to 45.01 in after-hours trading.