NEW YORK, June 12, 2015 /PRNewswire/ -- Marathon Partners Equity Management, LLC, together with its affiliates ("Marathon Partners"), one of the largest shareholders of Shutterfly, Inc. ("Shutterfly" or the "Company")(NASDAQ:SFLY), today announced that, based on the preliminary voting results provided by its proxy solicitor, Okapi Partners LLC, Marathon Partners' nominees, Mario Cibelli and Thomas D. Hughes, have been elected to the Shutterfly Board of Directors (the "Board") at today's Annual Meeting of Shareholders. The preliminary voting results further indicate that shareholders have resoundingly rejected Shutterfly's executive compensation with close to 80% of the votes cast against the Say-On-Pay proposal. The Company withdrew its proposal on Shutterfly's 2006 Equity Incentive Plan given the lack of support it received from shareholders. Certification of the final results by the independent inspectors of elections, IVS Associates, is expected to be completed in the coming days.
Commenting on the preliminary voting results, Mario Cibelli, Managing Member of Marathon Partners, stated, "We are pleased that Shutterfly shareholders have spoken and agree that there is a strong need for change on the Shutterfly Board. Tom Hughes and I look forward to joining the Board and working collaboratively with the other Board members and management, as well as Shutterfly's dedicated employees, to achieve the best possible results for Shutterfly while representing the best interests of all shareholders. We are also pleased that shareholders agree that changes to the Company's executive compensation are sorely needed."
Concluded Cibelli, "We are grateful for the support we received from our fellow shareholders and are committed to working diligently on their behalf to improve the Company's performance, strategic direction and executive compensation to create value for the benefit of all Shutterfly shareholders."
About Marathon Partners:
Marathon Partners Equity Management, LLC is a fundamental, research intensive investment firm that deploys capital with a long-term investment horizon.
Marathon Partners Equity Management, LLC
Bruce Goldfarb / Patrick McHugh
Okapi Partners LLC
SOURCE Marathon Partners Equity Management, LLC