Shutterstock, Inc. (SSTK) announced an immediate leadership transition after Paul J. Hennessy notified the company’s board on July 12, 2026, that he was stepping down as chief executive officer and as a director. The resignation was effective immediately. Shutterstock said Hennessy’s departure was not the result of any disagreement with the company over its operations, policies or practices. The board appointed Rik Powell, Shutterstock’s chief financial officer, to serve as interim chief executive officer, also effective July 12, 2026. Powell will continue in his CFO role while serving as interim CEO. To support the transition, Hennessy will remain with the company in a non-executive advisory capacity through August 7, 2026. The board plans to begin a search process to identify a permanent chief executive officer. In connection with Powell’s interim CEO appointment, the board approved additional compensation consisting of $75,000 per month for each month he serves as interim CEO. He will also receive a one-time restricted stock unit award with a grant-date value of $450,000. The RSUs are scheduled to cliff vest on the six-month anniversary of Powell’s appointment as interim CEO, subject to his continued employment with Shutterstock through that date. The award does not require that he still be interim CEO at vesting, but it will be forfeited if he is terminated for cause or voluntarily resigns before the vesting date. His existing compensation as CFO remains unchanged. Powell, 54, has served as Shutterstock’s chief financial officer since November 2024 and previously served as senior vice president, finance beginning in June 2024. Before joining Shutterstock, he held senior finance and investor relations roles at Shake Shack from 2022 to 2024. He also previously worked at Getty Images, where he rose to chief financial officer from 2017 to 2020, and held finance roles at Dell Computer Corporation and HP Inc. He began his career at Grant Thornton LLP and is a Fellow of the UK Chartered Association of Certified Accountants. Shutterstock also disclosed that it plans to engage a strategic advisor to help formulate its go-forward strategy following the termination of its merger agreement with Getty Images. The company issued a July 13, 2026 press release titled “Shutterstock Announces Leadership Transition” addressing the leadership changes and related strategic update. No stock transactions, share sales, option exercises, transaction codes, share counts or ownership changes were reported in this filing.