Shutterfly Inc. Names Tracy Layney Chief Human Resources Officer

REDWOOD CITY, Calif.--()--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 Tracy Layney as senior vice president and chief human resources officer. Layney will join the Shutterfly Inc. team on June 9, 2015.

Layney 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, Layney will oversee the Shutterfly Foundation.

“Tracy is a terrific addition to the Shutterfly Inc. team,” said Jeffrey Housenbold, president and chief executive officer of Shutterfly Inc. “Her experience overseeing human resources in a consumer-focused, multi-brand environment will be invaluable as we continue to scale and grow our family of lifestyle brands.”

Layney brings many years of human resources and organizational strategy to her position. Most recently she was SVP and Head of Human Resources and Communications for Old Navy, a Gap Inc. brand. Prior to Old Navy, Layney held numerous other roles at Gap Inc., including vice president, human resources strategy, technology and operations and senior director of international human resources. Prior to Gap Inc., Layney held roles with Levi Strauss & Company and Pricewaterhouse Coopers Business Consulting. Layney has a Bachelor of Arts from the University of Pennsylvania, Magna cum Laude.

In connection with her appointment, the Compensation Committee of Shutterfly Inc.’s Board of Directors granted an inducement award to Tracy Layney consisting of restricted stock unit awards and performance based restricted stock unit awards representing the right to receive up to 87,000 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 43,500 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 Ms. Layney’s continuous service through each vesting date.

The Compensation Committee granted the award as an inducement material to Ms. Layney 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; 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 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. (SFLY), visit www.shutterflyinc.com.

Contacts

Shutterfly, Inc.
Investors
Jeff Majtyka, 646-759-3635
jmajtyka@shutterfly.com
or
Media
Gretchen Sloan, 650-610-5276
gsloan@shutterfly.com

Release Summary

Shutterfly Inc. Names Tracy Layney Chief Human Resources Officer

Contacts

Shutterfly, Inc.
Investors
Jeff Majtyka, 646-759-3635
jmajtyka@shutterfly.com
or
Media
Gretchen Sloan, 650-610-5276
gsloan@shutterfly.com