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- Departure of CEO (new) — The CEO departed effective immediately, triggering a leadership search and interim appointment.
Shutterstock CEO Paul Hennessy steps down immediately; CFO Rik Powell named Interim CEO
Filed July 13, 2026 · Period ending July 12, 2026 · ~1 min read
Key Changes
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CEO Paul Hennessy resigned effective immediately on July 12, 2026, after 4 years as CEO and 11 years on the board. The filing states his departure is not due to any disagreement with the company on operations, policies, or practices.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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CFO Rik Powell appointed Interim CEO effective immediately while continuing as CFO. Powell joined Shutterstock in June 2024 and became CFO in November 2024. The board will conduct a search for a permanent CEO.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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The board plans to engage a strategic advisor to help formulate the company's go-forward strategy during the leadership transition.
Exhibit 99.1 view on EDGAR → -
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Powell will receive $75,000 per month in additional cash compensation as Interim CEO, plus a one-time RSU grant valued at $450,000 that cliff vests after six months of continued employment.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Q2 2026 earnings call scheduled for August 6, 2026 at 8:30am ET, which will be led by the interim CEO shortly after the transition.
Exhibit 99.1 view on EDGAR →
Summary
Shutterstock disclosed an immediate CEO transition on July 12, 2026. Paul Hennessy stepped down as CEO and board member after 4 years leading the company and 11 years on the board.
The filing states his departure is not due to any disagreement with the company, but the immediate nature of the resignation and the board's decision to engage a strategic advisor to formulate a go-forward strategy signal potential strategic uncertainty or board concerns about the company's direction. CFO Rik Powell was appointed Interim CEO while retaining his CFO role.
Powell is relatively new to Shutterstock, having joined in June 2024 and become CFO only in November 2024. The dual-hatting arrangement and Powell's limited tenure raise questions about leadership bandwidth and continuity during what appears to be a period of strategic review. The board's CEO search and strategic advisor engagement suggest the company may be evaluating significant changes to its business model or competitive positioning. Retail holders should watch for clarity on the strategic review's scope and timeline, the permanent CEO search process, and any operational or financial guidance changes when Powell leads the Q2 earnings call on August 6, 2026.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Board appointed Rik Powell, the Company’s Chief Financial Officer, to serve as Interim Chief Executive Officer, effective immediately. Mr. Powell will also continue to serve as the Company’s Chief Financial Officer.
The board appointed CFO Rik Powell as Interim CEO effective immediately, while he continues serving as CFO. Powell, age 54, has been CFO since November 2024 and previously held finance roles at Shake Shack and Getty Images (where he was CFO from 2017 to 2020). The board intends to commence a search for a permanent CEO.
Event · Item 7.01 — Regulation FD Disclosure
Shutterstock issued a press release regarding matters described in Item 5.02, which typically covers officer or director changes.
Added in current filing · verify on EDGAR →
On July 13, 2026, the Company issued a press release regarding certain of the matters described in Item 5.02
Shutterstock issued a press release on July 13, 2026, concerning matters disclosed under Item 5.02 of this 8-K. Item 5.02 typically covers departures or appointments of directors or certain officers, changes in principal positions, or compensatory arrangements. The specific content of the press release and the underlying Item 5.02 matters are not detailed in the provided excerpt.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Paul Hennessy has stepped down as the Company’s Chief Executive Officer and as a member of the Board of Directors, effective immediately.
Paul Hennessy stepped down as CEO and board member effective immediately after 4 years as CEO and 11 years on the board. He will remain in a non-executive advisory capacity through August 7, 2026 to facilitate the transition.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 16, 2026 · How we verify