Powell, who stepped into the CFO role only last November, will balance his existing financial responsibilities with the interim CEO duties during the transition. While the company remained silent on the specific catalyst for Hennessy’s exit, he is slated to stay on in a non-executive advisory capacity until August 7.
In section Market Quotes
Shutterstock Shares Slide as CEO Paul Hennessy Abruptly Resigns
Investors wiped 11% off Shutterstock’s market value on Tuesday after the sudden departure of CEO Paul Hennessy. The company’s stock, which has plummeted 62% since January, hit $7.32 in morning trading as the board scrambled to install Chief Financial Officer Rik Powell as interim leader of the digital marketplace.
Beyond the immediate leadership shift, the board is moving to overhaul its long-term direction. Directors have announced plans to hire a strategic adviser to help draft a new growth trajectory for the platform. This pivot suggests a period of internal restructuring as the company attempts to recover from a brutal year of sustained valuation losses.
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