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    Shutterfly stock slides after CFO resigns

    Associated Press – Fri, Jan 13, 2012

    NEW YORK (AP) — Shares of Shutterfly Inc. slid Friday after the online photo service company said its chief financial officer, Mark Rubash, is leaving next month.

    THE SPARK: Shutterfly said Thursday that CEO Jeff Housenbold and Chief Accounting Officer Brian Manca will assume Rubash's responsibilities while the company seeks a replacement. The company said Rubash will leave Feb. 24 to work at a medical technology startup it did not name.

    THE BIG PICTURE: The unexpected departure of a key executive can raise concerns for investors about a company's ability to keep operating smoothly. Moreover, Shutterfly is dealing with a tough pricing environment, because photo and card printing companies are cutting prices to stay competitive.

    Rubash was named CFO in December 2007.

    Shutterfly prints digital photos and creates personalized greeting cards, photo books, calendars and other types of stationery.

    THE ANALYSIS: Several analysts remained largely upbeat about the Redwood, Calif., company's prospects.

    Cowen and Co. analyst Jim Friedland called Rubash's departure a loss for Shutterfly, saying that he is "one of the strongest CFOs in the Internet space." But he added that Shutterfly has other seasoned executives, and he expects a smooth transition to a new CFO. He said he does not think the news suggests anything is wrong at Shutterfly apart from heavy competition and pricing difficulties in the industry.

    Jefferies analyst Youssef Squali said that the search for the new CEO would not disrupt the business much, because its busiest season had just ended and it had an experienced financial team.

    Shutterfly declined to comment.

    SHARE ACTION: Shares of the Redwood City, Calif.-based Shutterfly fell $1.27, or 5.3 percent, to $22.79 in afternoon trading. Earlier, the stock hit a 52-week low of $21.34.

     

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