The leadership change follows the collapse of Shutterstock’s proposed $3.7 billion merger with Getty Images, which was terminated after UK antitrust regulators demanded the divestiture of Shutterstock’s editorial business.
Shutterstock said Paul Hennessy has stepped down as Chief Executive Officer and as a member of the Board of Directors, effective immediately, with Chief Financial Officer Rik Powell appointed interim CEO while the board searches for a permanent replacement. The move comes days after Shutterstock’s proposed $3.7 billion merger with Getty Images was terminated on July 7, 2026, ending a deal announced on January 6, 2025 that aimed to combine two major stock photography and digital content licensing companies. The UK Competition and Markets Authority had required Shutterstock to divest its entire editorial business as a condition for approval, a remedy Getty’s board rejected unanimously. Hennessy, who had led Shutterstock since July 1, 2022 after succeeding founder Jon Oringer and had served on the board since 2015, will remain in a non-executive advisory role through August 7, 2026. Powell, who joined Shutterstock in June 2024 and became CFO in November 2024, will continue to hold the finance role during the transition and is expected to work with a strategic advisor as Shutterstock returns to standalone operations. Shutterstock has said healthy cash reserves, manageable leverage and significant free cash flow support its financial position after the merger’s collapse.