Shutterstock Appoints New CFO, Jarrodprocess Transitions

TL;DR

Shutterstock gets a new CFO from Getty Images, Jarrodprocess moves to advisor role.

AI Summary

Shutterstock, Inc. announced on October 24, 2024, that its Board of Directors has appointed Christopher "Chris" Doyle as the new Chief Financial Officer, effective November 4, 2024. Doyle will succeed Jarrodprocess, who will transition to a Senior Advisor role until his departure on March 31, 2025. Doyle previously served as CFO at Getty Images.

Why It Matters

A change in CFO can signal shifts in financial strategy or operational focus, potentially impacting investor confidence and the company's financial performance.

Risk Assessment

Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategies and performance.

Key Players & Entities

• Shutterstock, Inc. (company) — The company filing the report.
• Christopher "Chris" Doyle (person) — Newly appointed Chief Financial Officer.
• November 4, 2024 (date) — Effective date for the new CFO.
• Jarrodprocess (person) — Outgoing Chief Financial Officer.
• March 31, 2025 (date) — Departure date for Jarrodprocess.
• Getty Images (company) — Previous employer of the new CFO.
• October 24, 2024 (date) — Date of the earliest event reported.

FAQ

Key Financial Figures

• $0.01 — ge on which registered Common Stock, $0.01 par value per share SSTK New York S
• $450,000 — as follows: 2 Annual base salary of $450,000; A nnual cash bonus opportunity with a
• $350,000 b — granted will be calculated by dividing $350,000 by the average of the Company's closing p

Filing Documents

• ef20037820_8k.htm (8-K) — 39KB
• ef20037820_ex99-1.htm (EX-99.1) — 770KB
• image00003.jpg (GRAPHIC) — 8KB
• 0001140361-24-044480.txt ( ) — 998KB
• sstk-20241024.xsd (EX-101.SCH) — 4KB
• sstk-20241024_lab.xml (EX-101.LAB) — 21KB
• sstk-20241024_pre.xml (EX-101.PRE) — 16KB
• ef20037820_8k_htm.xml (XML) — 4KB

02

Item 2.02 Results of Operations and Financial Condition. On October 29, 2024, the Company issued a press release announcing its financial results for the fiscal period ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this current report and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8K, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 24, 2024, Jarrod Yahes notified Shutterstock, Inc. (the "Company") of his resignation as Chief Financial Officer of the Company, effective November 1, 2024 (the "Effective Date"). Mr. Yahes' resignation is not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices, including accounting principles, practices and disclosures. In connection with his resignation, Mr. Yahes will receive the accrued benefits for a voluntary resignation in accordance with Section 7(c) of the Employment Agreement dated November 7, 2019 by and between the Company and Mr. Yahes, previously filed as Exhibit 10.22 to the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2024 (the "Employment Agreement"), and his outstanding unvested equity awards will be forfeited as of the Effective Date. Mr. Yahes will remain with the Company in an advisory role through December 31, 2024, during which time he will continue to earn his annual base salary until December 31, 2024 and be eligible to earn an annual cash bonus for the full 2024 fiscal year in accordance with Sections 2(a) and 2(b) of the Employment Agreement. On October 28, 2024, the Board of Directors of the Company (the "Board") unanimously appointed Rik Powell, the Company's Senior Vice President, Finance and Investor Relations since June 3, 2024, as the Company's Chief Financial Officer, effective November 1, 2024. Prior to joining the Company, Mr. Powell, 52, was Senior Vice President, Finance and Investor Relations at Shake Shack Inc., a NYSE-traded quick services restaurant group, for two years. Mr. Powell also served as the Chief Financial Officer of Getty Images Holdings, Inc., a NYSE-traded global visual content creator and marketplace, from 2017 to 2020. Mr.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. 99.1 Press release entitled "Shutterstock Reports Third Quarter 2024 Financial Results" dated October 29, 2024 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document 3

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SHUTTERSTOCK, INC. Dated: October 29, 2024 By: /s/ Paul Hennessy Name: Paul Hennessy Title: Chief Executive Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR