REDWOOD CITY, Calif.--(BUSINESS WIRE)--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 Satish Menon as senior vice president and chief technology officer.
“I am excited to welcome Satish to the Shutterfly executive team,” said Jeffrey Housenbold, president and chief executive officer of Shutterfly Inc. “A big picture technologist who can clearly communicate his vision, Satish has successfully built global teams and created innovative technology platforms for large scale consumer companies.”
Menon brings more than 25 years of technology experience to his position. Most recently he was chief executive officer of a technology incubator (UV Labs) and chief technology officer of University Ventures. Prior to that, Menon was chief technology officer at Apollo Education Group and held executive positions at Yahoo Inc., Kasenna Inc. and Silicon Graphics. Menon has Masters degrees in Mechanical Engineering and Computer Science from New Jersey Institute of Technology and a Ph.D. in Computer Science from Georgia Institute of Technology. Menon also holds multiple issued patents.
In connection with his appointment, the Compensation Committee of Shutterfly Inc.'s Board of Directors granted an inducement award to Satish Menon consisting of restricted stock unit awards and performance based restricted stock unit awards representing the right to receive up to 100,000 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 50,000 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. Menon continuous service through each vesting date.
The Compensation Committee granted the award as an inducement material to Mr. Menon 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.