Shutterstock, Inc. (NYSE: SSTK) (“the Company”), the leading global creative platform for transformative brands and media companies, today announced that Paul Hennessy has been named Chief Executive Officer, effective July 1, 2022. Mr. Hennessy, a Company Board member since 2015, succeeds Jon Oringer, Shutterstock’s founder, who is currently serving as Interim Chief Executive Officer. Mr. Oringer will remain as Executive Chairman of the Board.
With more than 20 years of global leadership and digital marketplace experience, Mr. Hennessy will oversee a smooth transition to execute Shutterstock’s strategy of building a world class platform that disrupts and transforms the creative industry.
“Having worked alongside Paul as a Board member for the past seven years, I know how capable he is of leading Shutterstock into its next chapter of growth and transformation,” said Jon Oringer, Founder and Executive Chairman of the Board at Shutterstock. “Paul is a data-driven, growth-focused leader with a track record of success leading and scaling transformative businesses. With a focus towards disruption and innovation, Paul is highly respected inside and outside of the organization, and has demonstrated that he is a customer-centric, employee-centric leader who is committed to delivering value to both our customers and our shareholders. I am confident that this will be a seamless transition, and that as CEO Paul will harness the potential of Shutterstock’s diversified offering. Speaking on behalf of the Board, we are looking forward to working closely with Paul as he leads the Company into this next phase.”
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“For the last seven years, I have been fortunate to have a front row seat to the disruption and innovation Shutterstock has achieved – from industry-leading proprietary technology to world class workflow applications – and I’m honored to be the next Chief Executive Officer,” said Mr. Hennessy. “I believe the opportunities ahead are endless, and I’m committed to our strategy of building a full-service creative platform that delivers an exceptional experience for our customers at scale. I have a profound belief in Shutterstock’s people, and I look forward to setting the vision, making the appropriate investments, and creating a culture that motivates and inspires both shareholder and customer value. Together with our talented senior leadership team, Jon and our Board, I am confident we will successfully herald Shutterstock into a new era.”
Prior to joining Shutterstock as Chief Executive Officer, Mr. Hennessy, 57, served as Chief Executive Officer and member of the Board of Directors of Vroom, Inc., an online pre-owned car retailer. There, he led the Vroom Inc. IPO, strategic acquisitions, and built Vroom into a top 10 automotive retailer in the United States with over $3B in revenue in 2021. Previously, Mr. Hennessy successfully developed and led growth strategies for priceline.com, a provider of online travel and travel related reservation and search services, as the company’s Chief Executive Officer.
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