Shutterfly top technology officer to quit; shares drop after hours

Last week, Stanford Au, the senior vice president of technology at Shutterfly, notified the company that he is quitting the Redwood City photography Web site effective Sept. 5, according to a regulatory filing Wednesday afternoon. Shutterfly shares fell 16 cents, or 1.6 percent, in after-hours trading.

The company offered Au a severance payment of $125,650, equal to six months of his salary, even though it was “under no legal obligation to do so,” according to his Transition Agreement letter. The company also extended the period during which Au will be allowed to exercise his vested options to roughly five months from the three months stipulated in his option agreement. Shutterfly also offered to pay his medical benefits premiums during that time as well.

Au joined the company in April 2006 after spending two years with WebEx Communications as its vice president of engineering. Before that he was vice president of engineering at Virage from January 2002 to August 2003. Prior to that he was vice president of engineering of at at AOL Time Warner from July 1997 to September 2001.

 

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