Ancora Advisors Sends Letter To Chairman Of Shutterfly, Inc.

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Ancora Advisors LLC

Jun 18, 2015, 10:12 ET

CLEVELAND, June 18, 2015 /PRNewswire/ -- Ancora Advisors LLC ("Ancora"), a shareholder of Shutterfly, Inc. ("Company"), sent a letter this morning to Philip Marineau, the Board Chairman at Shutterfly.  Please find below a summary of and link to the full text of the letter. 

Ancora Advisors LLC ("Ancora") is a shareholder of Shutterfly ("Company").  Ancora is a Cleveland, Ohio based registered investment advisor with approximately $2.2 billion of discretionary assets under management.  On May 29th, we publicly announced our support of the proposed Marathon slate of directors and highlighted the need for material change to the strategic direction and executive compensation plan at Shutterfly to bring an end to the lengthy period of inferior shareholder returns.

We believe the results of Shutterfly's 2015 meeting of shareholders strongly indicate that shareholders desire transformation, particularly relating to the executive compensation structure and capital allocation practices.  As you contemplate how to best direct the Company under a revised mandate from shareholders, we urge that you pursue the following:

  • Dramatically overhaul the executive compensation incentive structure to align management with long term shareholders (with Cimpress 2012 as a template)
  • Appoint at least one of the newly elected Marathon representatives to the Compensation Committee
  • Develop and implement a stated capital return policy

Ancora intends to remain an engaged shareholder and as such we are more than happy to discuss this letter and our thoughts with you or other members of the board/management.

Please click the following link to access our full letter: ANCORA LETTER TO SFLY CHAIRMAN

About Ancora Advisors
Ancora Advisors LLC is a registered investment adviser with the Securities and Exchange Commission of the United States.  Ancora offers comprehensive investment solutions for institutions and individuals in the areas of fixed income, equities, global asset allocation, alternative investments and retirement plans.  A more detailed description of the company, its management and practices are contained in its "Firm Brochure" (Form ADV, Part 2A). A copy of this form may be received by contacting the company at: 6060 Parkland Boulevard, Suite 200 Cleveland, Ohio 44124, Phone: 216-825-4000, or by visiting the website, www.ancora.net/adv.

PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/0-Shutterfly-Ancora-letter-6_18_15-LETTER-vF.pdf

SOURCE Ancora Advisors LLC

Related Links

http://www.ancora.net/adv

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