Shutterstock announced that Paul J. Hennessy has stepped down as Chief Executive Officer and as a member of the Board of Directors, effective July 12, 2026. The company's Chief Financial Officer, Rik Powell, has been appointed Interim CEO while continuing his role as CFO. This leadership change coincides with the company's plan to hire a strategic advisor to formulate a new strategy following the termination of a merger agreement with Getty Images.
Key Details
- Leadership Transition: Paul Hennessy's departure is effective immediately. He will serve in a non-executive advisory role through August 7, 2026, to support the transition.
- Interim Appointment: CFO Rik Powell will serve as Interim CEO while the Board conducts a search for a permanent successor. His departure was not due to any disagreement with the company.
- Interim CEO Compensation: For his expanded role, Mr. Powell will receive additional cash compensation of $75,000 per month and a one-time restricted stock unit (RSU) grant valued at $450,000, which will cliff vest after six months.