|By Business Wire||
|July 18, 2014 04:01 PM EDT||
Shutterfly, Inc. (NASDAQ:SFLY), the leading manufacturer and digital retailer of high-quality personalized photo products and services offered through a family of lifestyle brands, today announced it has appointed Gautam Srivastava as senior vice president and chief human resources officer. Srivastava will join the Shutterfly Inc. team on July 21, 2014.
Shutterfly Inc. Names Gautam Srivastava Chief Human Resources Officer (Photo: Business Wire)
Srivastava will be responsible for all aspects of human resources including compensation and benefits, recruiting, employee development and relations, information systems, real estate, and employment branding. Additionally, Srivastava will oversee the Shutterfly Foundation.
“Gautam will be an incredible asset to the Shutterfly Inc. team,” said Jeffrey Housenbold, president and chief executive officer of Shutterfly Inc. “He brings a passion for developing people and organizations as well as deep general management expertise. His ability to link human capital and business strategies will be invaluable as we continue to scale and grow our consumer and enterprise businesses.”
Srivastava brings many years of human resources and general operating experience to his position. Most recently he was SVP of Human Resources and Marketing for LSI Corp., a designer of semiconductors for datacenter storage and networking. Prior to LSI, Srivastava held numerous roles at Advanced Micro Devices, Inc., including vice president, sales and marketing and managing director, Middle East Africa and Pakistan; vice president, sales and marketing, and chief of staff to the chief sales and marketing officer; and vice president, compensation and benefits. Prior to AMD, Srivastava was a principal at Mercer Human Resources Consulting. He has also held human resources, finance, and business development positions at several start-ups. Srivastava has a Bachelor of Arts in Economics from University of California, Los Angeles.
In connection with his appointment, the Compensation Committee of Shutterfly Inc.’s Board of Directors granted an inducement award to Gautam Srivastava consisting of restricted stock unit awards and performance based restricted stock unit awards representing the right to receive up to 92,000 shares of Shutterfly Inc.’s common stock. The awards will vest over four years, with 25% of the underlying shares vesting on each of the first, second, third and fourth anniversaries of the vesting commencement date. The right to receive up to 46,000 of the shares is subject to the additional condition that certain performance-based milestones be met on or before the vesting commencement date. Vesting of all of the awards is subject to Mr. Srivastava’s continuous service through each vesting date.
The Compensation Committee granted the award as an inducement material to Mr. Srivastava entering into employment in accordance with NASDAQ Listing Rule 5635(c)(4).
About Shutterfly, Inc.
Shutterfly, Inc. is the leading manufacturer and digital retailer of high-quality personalized products and services offered through a family of lifestyle brands. Founded in 1999, the Shutterfly, Inc. family of brands includes Shutterfly, where your photos come to life in photo books, cards and gifts; Tiny Prints, premium cards and stationery for all life’s occasions; Wedding Paper Divas, wedding invitations and stationery for every step of the planning process; Treat, personalized greeting cards that really stand out; MyPublisher, one of the pioneers in the photo book industry and creator of easy-to-use photo book-making software; ThisLife,a private, cloud-based memory solution that makes it easy for consumers to find, share and enjoy their photos and videos, all in one place; and BorrowLenses, the premier online marketplace for photographic and video equipment rentals. For more information about Shutterfly, Inc. (NASDAQ:SFLY), visit www.shutterflyinc.com.
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