Shutterfly, Inc. announced that Chief Financial Officer Stephen E. Recht is retiring from the company. Mr. Recht is succeeded by Mark Rubash, an e-commerce finance executive.

Mr. Recht joined Shutterfly in 2004, and during his tenure the company experienced double-digit annual revenue and profit growth. Recht built a world-class finance organization and led Shutterfly's SOX compliance certification efforts. He also guided the company through its initial public offering, two corporate acquisitions, and the opening of Shutterfly's second manufacturing facility in Charlotte, North Carolina. To ensure a smooth transition, Mr. Recht will work closely with Mr. Rubash through mid-February 2008.

Mark Rubash brings more than 25 years of experience to his role as Shutterfly's Chief Financial Officer, including six years in executive positions with high growth companies in the Internet sector and nearly 20 years in the public accounting profession. At Shutterfly, Mr. Rubash will be responsible for managing all financial activities, including long range strategic planning, financial planning and analysis, investor relations, mergers and acquisitions, accounting, and legal.

Mr. Rubash joins Shutterfly from Rearden Commerce, where he served as Chief Financial Officer. Previously, he was a Senior Vice President of Finance at Yahoo!. Prior to joining Yahoo!, Mr. Rubash held various senior leadership positions at eBay including Chief Accounting Officer and Vice President for Finance and Investor Relations. During his tenure at eBay, Mr. Rubash led the finance organization through periods of growth marked by increasing revenues from roughly $450 million to over $5 billion. Mr. Rubash held corporate and operational finance responsibilities for eBay and PayPal, one of the several acquisitions for which he led the due diligence and finance integration programs.

Earlier in his career, Mr. Rubash was an Audit Partner at PricewaterhouseCoopers LLP where he served as the global leader for the firm's Internet Industry Practice. While there, he also served as practice leader of the Silicon Valley Software Industry Practice. His clients included eBay, The Learning Company, Sony Computer Entertainment America, and Chevron Corporation.

Mr. Rubash began his career in the Audit & Business Advisory Services practice at Ernst & Whinney (now Ernst & Young). He earned his Bachelor of Science Degree in Accounting from California State University Sacramento and later became a Certified Public Accountant in the state of California. Mr. Rubash presently serves as a member of the board of Intuitive Surgical, Inc. He is also chairman of the audit committee and a member of the board of Line 6 Corporation.