Management ChangeJul 13, 2026, 05:11 PM
Shutterstock CEO Paul Hennessy Steps Down; Rik Powell Named Interim CEO
AI Summary
Shutterstock, Inc. announced that Paul J. Hennessy has stepped down as Chief Executive Officer and a member of the Board of Directors, effective July 12, 2026. Rik Powell, the Company's Chief Financial Officer, has been appointed Interim Chief Executive Officer and will continue to serve as CFO. Mr. Hennessy will remain in an advisory capacity until August 7, 2026, to ensure a smooth transition. The Board approved additional compensation for Mr. Powell, including $75,000 per month and a $450,000 RSU grant, and will begin a search for a permanent CEO. The company also plans to engage a strategic advisor.
Key Highlights
- Paul J. Hennessy stepped down as CEO and board member of Shutterstock, effective July 12, 2026.
- Rik Powell, the Company's Chief Financial Officer, was appointed Interim Chief Executive Officer immediately.
- Mr. Powell will continue to serve as CFO during his tenure as Interim CEO.
- Mr. Hennessy will remain in a non-executive advisory capacity until August 7, 2026, for an orderly transition.
- Mr. Powell will receive additional cash compensation of $75,000 per month as Interim CEO.
- Mr. Powell was granted a one-time restricted stock unit award valued at $450,000.
- The Board intends to commence a process to identify a permanent Chief Executive Officer.
- The Company plans to engage a strategic advisor to formulate its go-forward strategy.
Price Impact
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