REDWOOD CITY — Shutterfly, which lets users print personalized photos and gifts, announced that Christopher North, President and CEO, will be stepping down from his leadership and Director roles at the Company at the end of August 2019 in order to return to the UK with his family. The company is beginning a search for new CEO immediately.
The company also said its Board of Directors has formed a Strategic Review Committee and retained Morgan Stanley as financial advisor, as it considers a potential sale of the company.
In recent months, Shutterfly was approached by an undisclosed third party about the potential acquisition of the Company. The Company and Board subsequently engaged with several additional third parties regarding a potential acquisition of the Company, but no proposals have been received.
“Our Board continues to be committed to evaluating all options that maximize shareholder value. We have engaged with any serious indication of interest in the past, and given recent interest we believe it is prudent to form a Strategic Review Committee to fully consider any expressions of interest going forward. As we take this step, we also believe Shutterfly is in a position of strength as a leader in each of its businesses with opportunities to create shareholder value,” said Will Lansing, Chairman of the Board.
Over the 2016-2018 period, Shutterfly grew revenue from just over $1.0 billion to $2.0 billion, increased Adjusted EDITDA from $192 million to $385 million and saw free cash flow rise from $88 million to $178 million.
“It is a privilege to be part of the Shutterfly family and to work with such a talented and committed team,” said North. “The team’s work has put Shutterfly on a strong foundation and I’ve never been more excited about the future for the Company. I look forward to leading Shutterfly through the coming months and to helping the Board of Directors hire and onboard the right leader to take the Company forward.”