Meredith Corporation announced it has closed on the sale of the FORTUNE media brand for $150 million cash to Fortune Media Group Holdings Limited, wholly owned by Chatchaval Jiaravanon. The sale was first announced on November 9, 2018. As part of the transaction, Meredith will provide short-term business continuity services and has entered into a multi-year agreement with Fortune Media Group Holdings Limited to provide services such as corporate sales, consumer marketing, subscription fulfillment, paper purchasing and printing. Click read more below for additional detail.
Shutterfly, Inc. (“Shutterfly” or the “Company”), the leading retailer and manufacturing platform dedicated to helping capture, preserve, and share life’s important moments, today announced the appointment of Hilary Schneider as President and Chief Executive Officer, effective January 15, 2020, succeeding Ryan O’Hara.
Schneider has more than 20 years of experience leading consumer technology companies. Since January 2018, she has served as Chief Executive Officer of Wag!, the country’s largest on-demand mobile dog walking and dog care service. Prior to this role, she served as President and Chief Executive Officer of LifeLock, the leader in identity theft protection, through its public listing and acquisition by Symantec. Previously, Schneider served in a series of executive positions at Yahoo! from 2006 to 2010 and in several senior leadership roles at Knight Ridder from 2002 to 2005. She has a B.A. in economics from Brown University and an MBA from Harvard Business School.
“We are delighted to welcome Hilary to the Shutterfly team and are confident her management and technology experience make her ideally suited to lead the Company forward,” said David Sambur, Chairman of the Shutterfly Board of Directors and Co-Lead Partner of Private Equity at Apollo. “A pioneer in the personalized photos and services space, Shutterfly has cultivated deep customer connections and is well positioned for continued success. We look forward to supporting Hilary and the leadership team as we execute on our shared vision for Shutterfly.”
“I have long admired Shutterfly’s consumer-focused mission and am honored to lead this pioneering company as we continue to enhance our brand to drive sustainable growth,” said Schneider. “Through our Consumer, Lifetouch, and Business Solutions divisions, Shutterfly remains at the forefront of a fast growing photo and personalized products industry. Together with our thousands of talented employees, we will build on Shutterfly’s strong momentum by continuing to introduce new technology, expand our product offerings and increase customer engagement with innovative options for preserving and sharing photos.”
“Hilary is an accomplished executive with significant digital industry expertise and a focus on innovation and superior customer experiences that will support Shutterfly’s next chapter,” said Reed Rayman of the Apollo Private Equity team and a member of Shutterfly’s Board of Directors. “We look forward to partnering with Hilary as well as the Shutterfly management team and employees to grow its three divisions and deliver the best products and services to consumers.”
Mr. Sambur added, “On behalf of the Board, I thank Ryan for his contributions in leading Shutterfly’s transition to becoming a private company. We look forward to working with Ryan in his new role as an advisor to Apollo supporting transactions in the technology and media sectors.”
The Company also announced the appointment of Dwayne Black, Shutterfly’s Senior Vice President and Chief Operations Officer, and Jim Hilt, President of Shutterfly’s Consumer Business, as Interim co-Chief Executive Officers during the transition period, effective December 2, 2019, until Schneider’s planned start date.