Shutterfly, Inc. SFLY today announced that, based on the
preliminary vote count provided by its proxy solicitor following the
Company's 2015 Annual Meeting, stockholders have voted to elect Jeffrey T.
Housenbold, Mario Cibelli and Thomas D. Hughes to the Shutterfly Board of
Directors.
Commenting on the preliminary results, Shutterfly issued the following
statement:
The outcome of today's vote provides stockholders with both continuity and
new perspectives. We appreciate the consideration and support of our
stockholders as well as the valuable insights they have provided throughout
this process. We would like to take this opportunity to thank Stephen J.
Killeen and James N. White for their service on the Shutterfly Board and
their many contributions to the Company.
As we move forward, the Shutterfly Board and management team intend to work
cooperatively with our new directors, Mario Cibelli and Thomas D. Hughes, to
successfully execute on the Company's vision for growth and continue driving
value for all stockholders.
The Shutterfly Board also acknowledged the voting results of the advisory
say-on-pay proposal, and noted that it has received positive feedback from
stockholders about the changes to compensation that are being made going
forward.
Shutterfly noted that the preliminary vote count following the Annual
Meeting also indicates that stockholders voted AGAINST, on an advisory
basis, the compensation of the Company's named executive officers; and FOR
the ratification of the selection of PricewaterhouseCoopers LLP as the
Company's independent registered public accounting firm for the year ending
December 31, 2015.
The proposal to amend the Company's 2006 Equity Incentive Plan, as set out
in the proxy statement, was withdrawn at the meeting. The Company intends to
explore alternative compensation arrangements in order to continue to
motivate and attract high quality employees, executives and directors.
Final results of the election will be published once they are certified by
the independent inspector of elections, IVS Associates, Inc., which may be
preceded by a review process.
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