Compensation package will "strongly align" with shareholders' interests.
The company, which sells photo-based products such as books and phone cases, announced back in December that its CEO of 11 years, Jeffrey Housenbold, would step down to “recharge [his] batteries.” He did so in February, leaving chairman Phil Marineau as interim CEO.
North, who has a publishing background pre-Amazon, will take the top spot at the end of May.
“We are very excited to welcome Chris to the Shutterfly team. His outstanding track record at one of the most successful eCommerce companies in the world makes him an incredible asset to this organization,” said Marineau in a statement.
North posited his family had been happy Shutterfly customers for over a decade, and he believed the company was “strongly positioned to grow and increase profitability in order to drive shareholder value.”
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Housenbold’s skyrocketing compensation—he was due to get $16.9 million in 2016—turned some shareholders apoplectic.
In a Securities and Exchange Commission (SEC) filing, Shutterfly noted North will start off on an annual base salary of $700,000 with a target annual performance bonus of the same amount. But he will also get a $1.5 million transition bonus and 150,000 common-stock shares vesting over three years.
Shutterfly said in its statement that the arrangement would “strongly align” North’s interests with those of the shareholders.
“A significant amount of Chris’s incentive compensation will come in the form of options that will directly tie to the performance of the share price over time,” said compensation committee member Mario Cibelli.