- Push-out Score determined
- After 17 years in the position
- Praise and thanks for Oringer
- Stan Pavlovsky taking over
- Oringer will remain as Executive Chairman at Shutterstock
- Oringer said 117 words
(exechange) — New York, February 13, 2020 — Jon Oringer, chief executive of Shutterstock, leaves his position. As announced by Shutterstock Inc. in a news release and in a regulatory filing published on Thursday, February 13, 2020, Jonathan (Jon) Oringer leaves his post as chief executive officer at the stock photography company after 17 years in the role, effective April 1, 2020.
It is the end of an era.
Jon Oringer’s duties as CEO will be taken over by Stan Pavlovsky, currently Chief Operating Officer of Shutterstock Inc.
“Next phase of growth”
Jon Oringer’s departure from the CEO post is explained as follows. Thomas R. Evans, Presiding Director of the Board, said: “This is an ideal time to name Stan as CEO and elevate Jon to Executive Chairman, as we position the Company for its next phase of growth and industry leadership.”
Oringer will remain as Executive Chairman at Shutterstock
“Jon Oringer, currently Chief Executive Officer, will be Executive Chairman of the Board. These changes are effective April 1, 2020,” Shutterstock said.
Share price decline
The announcement follows a decline in Shutterstock Inc.’s share price of 29% since October 2016.
In the position of CEO since 2003
Jon Oringer became CEO of the Company in 2003.
As Executive Chairman, Oringer will continue to lead the Board of Directors and will be actively involved in critical aspects of Shutterstock’s business including strategy, M&A and capital allocation.
He will also act as an advisor to Pavlovsky and continue to represent Shutterstock with customers, contributors and other key external groups around the world.
Jonathan Oringer has served as the Company’s Founder, Chief Executive Officer and Chairman of the Board since founding the Company in 2003.
Prior to founding Shutterstock, Oringer served as a director of several private companies.
Oringer serves as a member of Partnership for New York City, a nonprofit organization.
Oringer holds a B.S. in computer science and mathematics from State University of New York at Stony Brook and an M.S. in computer science from Columbia University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Shutterstock and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 7.2020 ($).