Oringer, who previously led the company until 2020 and maintained his position as chairman, takes over following the departure of Paul Hennessy in July. The transition brings Hichame Assi, formerly of Envato, into the fold as president and chief operating officer. The firm’s interim leader, CFO Rik Powell, oversaw the company during the months following Hennessy’s exit.
In section Market Quotes
Jon Oringer Reclaims Shutterstock CEO Helm Amid Strategic Review
With shares down 77% this year and revenue slipping for three consecutive quarters, Shutterstock has called its founder Jon Oringer back to the chief executive role. The leadership shake-up arrives as the company abruptly cancels its November 5 earnings call to focus on an ongoing evaluation of its future direction.
The leadership shift coincides with a period of turbulence for the stock, which saw a modest 3.7% bump to $4.50 in after-hours trading despite a bleak annual performance. Beyond the executive moves, the company remains in a state of flux after the collapse of a potential merger with Getty Images earlier this year. Shutterstock continues to integrate its 2023 acquisition of GIPHY while repositioning its core offerings in photography, video, and AI-generated content.
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