Shutterfly Appoints Mike Eklund Chief Financial Officer

Rhea-AI Summary

Shutterfly announced the appointment of Mike Eklund as Senior Vice President and Chief Financial Officer (CFO), effective November 1, 2021. He succeeds Vivian Liu, who departs on November 9, 2021. Eklund brings extensive experience, previously serving as CFO at Scientific Games and IRI, and holding key financial roles at Dell Technologies. CEO Hilary Schneider emphasized Eklund's proven track record in enhancing value and expressed excitement about Shutterfly's growth potential as it enters a new phase.

Positive

• Mike Eklund's appointment brings a wealth of experience in financial leadership, crucial for Shutterfly's growth.
• Eklund's background includes significant roles at major companies, indicating strong potential for strategic financial management.
• The company is positioned for growth, indicating a forward-looking approach under new financial leadership.

Negative

• Transitioning from Vivian Liu may lead to short-term uncertainties regarding continuity in financial strategy.

REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Shutterfly, a pioneer in online photo sharing and leading digital retail and manufacturing platform for personalized products, today announced the appointment of Mike Eklund as Senior Vice President and Chief Financial Officer (CFO), effective November 1, 2021. Mike will succeed Vivian Liu, who will be stepping down from the CFO role on November 9, 2021 to pursue other opportunities.

Mike Eklund most recently served as Executive Vice President, Chief Financial Officer, Treasurer and Corporate Secretary for Scientific Games. Prior to his time at Scientific Games, he served as Chief Financial Officer of IRI, a global leader in innovative data and analytic solutions and services for consumer, retail and media companies. In addition, Mike spent more than 20 years at Dell Technologies in both financial and operational roles, including leading the value creation and integration function for the $67 billion Dell-EMC combination and serving as chief financial officer of Dell's $40 billion-plus Client Solutions Business Unit and Global Operations organization.

“Mike is a proven CFO with a superior track record of delivering results and creating value,” said Hilary Schneider, CEO of Shutterfly. “This is an incredibly exciting time for the entire portfolio of brands as we look ahead to our next chapter of growth. After a rigorous search process, I'm excited for Mike to bring his unique and valuable perspective to Shutterfly.”

“I am thrilled to be joining Shutterfly at such an exciting moment in the company's evolution,” said Mike Eklund, incoming CFO, Shutterfly. “The transformation I’ve observed over the last 18 months has been impressive and I know this is just beginning. I'm looking forward to working closely with Hilary and the rest of the Shutterfly leadership team to continue driving growth and building on the company’s strong momentum.”

In this role, Mike will oversee all aspects of Shutterfly’s financial operations including controllership, financial planning and analysis, tax, treasury, audit, investor relations and corporate development.

About Shutterfly:

The Shutterfly family of brands together make up the leading online retail and manufacturing platform for photography and personalized products. Shutterfly is organized into three divisions: Consumer, Lifetouch and Shutterfly Business Solutions. The Shutterfly consumer division helps people make and create products with meaning including cards, stationery, photo books, gifts and home décor. A variety of offerings are available from the Tiny Prints boutique and Snapfish store with photo gifts, invitations, stationery and more, as well as the Spoonflower global marketplace for custom home décor. Shutterfly also offers an iPhone and Android app subscription service with GrooveBook that prints and ships a book with up to 100 photos every month. Lifetouch has been the national leader in school photography for more than 85 years and serves more people through partnerships with portrait studios, including JCPenney Studios. BorrowLenses offers high-quality photography and video equipment rentals for aspiring photographers. And for enterprise needs, Shutterfly Business Solutions delivers digital printing services that enable efficient and effective customer engagement through personalized communications and services. Shutterfly is majority-owned by certain investment funds managed directly or indirectly by Apollo Global Management, Inc. (NYSE: APO) and its subsidiaries and affiliates. For more information about Shutterfly, visit www.shutterflyinc.com. Follow us on social @shutterfly

View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005486/en/

Erica Jostedt

Director of Corporate Communications

prinquiries@shutterfly.com

Source: Shutterfly

FAQ

Who is the new CFO of Shutterfly appointed on November 1, 2021?

Mike Eklund is the new CFO of Shutterfly, effective November 1, 2021.

What experience does Mike Eklund bring to Shutterfly?

Mike Eklund has extensive experience, having served as CFO at Scientific Games and IRI and held key roles at Dell Technologies.

What is the reason for Vivian Liu's departure from Shutterfly?

Vivian Liu is stepping down from her role as CFO to pursue other opportunities.

What are the expectations for Shutterfly under the new CFO?

With Mike Eklund's appointment, there are positive expectations for enhanced financial strategy and continued growth at Shutterfly.