Shutterstock Announces CFO Transition; Steven Berns to Succeed Tim Bixby

Aug 06, 2015, 07:00 ET from Shutterstock, Inc.

NEW YORK, Aug. 6, 2015 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK), a leading global provider of commercial imagery and music, today announced Steven Berns will succeed Tim Bixby as the company's Chief Financial Officer, which is expected to occur no later than September 30, 2015.  Bixby has notified the company of his intention to resign as Chief Financial Officer to pursue other opportunities and has indicated his willingness to remain involved after September 30, 2015 to ensure an effective transition.  Berns, who served as a member of Shutterstock's Board of Directors until he resigned from the Board earlier this week, will help drive the strategic vision of the company while leading the company's financial and legal functions.

"Tim has been a great financial and operational leader and his hard work and dedication during his tenure were critical in our evolution as a public company.  He has been a true partner to me and the rest of the Shutterstock team and his contributions have helped us expand consistently while positioning us for sustained long-term growth.  We respect his decision to step down and wish him the best of luck," said Jon Oringer, founder and CEO of Shutterstock.

"Our growth has been a collective effort of the entire company and it's been a privilege to work with Jon, the board of directors and the rest of the Shutterstock team.  It is truly a unique company and one that is well-situated to achieve long-term success and continued growth.  I wish Steven much success in a key role at a great company," said Bixby.

Berns has nearly 30 years' experience in global financial management, acquisitions, and business operations, including as Chief Financial Officer at the Tribune Media Company, a television and digital media company, and Revlon, a worldwide cosmetic and beauty products company.  

"Throughout his career, Steven has shown a great ability to build and lead finance teams and to become a strategic partner across a diverse set of companies.  Given his familiarity with our company, I know he will be much more than a strong financial steward - he will be a critical part of our continued growth and success," said Oringer.

"As a member of the Board since 2012, I have had the opportunity to see first-hand the highly profitable growth of Shutterstock.  I am thrilled to be joining Jon and the entire Shutterstock team as the company launches into its next phase of innovation for its customers," said Berns.

Jeff Epstein, who has been a director since April 2012 and currently serves as member of the audit committee and nominating and corporate governance committee of the board of directors, has been appointed Chairman of the audit committee.  In addition, Paul Hennessy, who has been a director since April 2015 and currently serves as a member of the compensation committee, has been appointed to the audit committee.

About Shutterstock

Shutterstock, Inc. (NYSE:   SSTK), is a leading global provider of high-quality licensed photographsvectorsillustrationsvideos and music to businesses, marketing agencies and media organizations around the world. Working with its growing community of over 80,000 contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 50 million images and 3 million video clips available.

Headquartered in New York City, with offices in Amsterdam, Berlin, Chicago, Dallas, Denver, London, Los Angeles, Montreal, Paris, San Francisco and Silicon Valley, Shutterstock has customers in more than 150 countries. The company also owns Bigstock, a value-oriented stock media agency; Offset, a high-end image collection; PremiumBeat, a curated royalty-free music library; Rex Features, a premier source of editorial images for the world's media; Skillfeed, an online marketplace for learning; and WebDAM, a cloud-based digital asset management service for businesses.

For more information, please visit www.shutterstock.com, and follow Shutterstock on Twitter or Facebook.

Safe Harbor Provision

Statements in this press release regarding management's future expectations, predictions, beliefs, goals, intentions, plans, prospects or strategies including statements regarding Shutterstock's future growth and success, may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws.  These forward-looking statements involve known and unknown risks and uncertainties, including risks related to unforeseen changes to Shutterstock's financial condition and future prospects; its ability to continue to attract and retain customers and contributors to its online marketplace; decreases in customer purchases or in content contributed to its online marketplace; assertions by third parties of infringement or other violations of intellectual property rights by Shutterstock; its ability to increase market awareness of Shutterstock and its services and increase revenues and expand, including into international markets; risks associated with operating internationally; its ability to respond to technological changes; general economic conditions worldwide; its ability to successfully integrate acquisitions; and other factors and risks discussed under the heading "Risk Factors" in Shutterstock's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as in other documents that may be filed by Shutterstock from time to time with the Securities and Exchange Commission.  As a result of these risks, uncertainties and factors, Shutterstock's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained in this press release. Shutterstock is providing the information in this press release as of this date and assumes no obligation to update the information or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

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SOURCE Shutterstock, Inc.



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