Shutterstock has returned founder Jonathan Oringer to the chief executive role, combining it with his existing position as board chairman. The leadership change took effect October 28, 2026. The board also appointed Hichame Assi, who leads Shutterstock-owned Envato, as Shutterstock’s president and chief operating officer; Rik Powell remains chief financial officer after stepping down as interim CEO.
Key details
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Oringer takes the top job again. He founded Shutterstock and served as CEO from 2003 to 2020, becoming executive chairman in April 2020. He is 52.
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His pay changes with the role. Oringer’s annual base salary rises from $1 to $1 million. He is not eligible for an annual cash bonus for the rest of 2026 or for 2027. After 2027, the board or its compensation committee may decide whether he is eligible for a bonus and set its terms.
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Powell stays on as CFO. His interim CEO tenure ends with Oringer’s appointment.
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Assi becomes president and COO. Assi, 49, has been CEO of Envato since Shutterstock acquired the creative platform in 2024. His new fixed annual pay is 775,000 Australian dollars, before tax and excluding compulsory retirement contributions.
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Assi’s incentive pay includes cash and stock. Starting in fiscal 2027, he may receive a discretionary annual cash bonus of up to 60% of fixed pay, tied to performance targets set by the board or its compensation committee. For fiscal 2026, he remains under the bonus program from his previous Envato role.
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Assi is slated for $1.5 million in restricted stock units. A first award with a target value of $625,000 is to vest over three years, in installments on each of the first three anniversaries of the grant, provided he remains with the company. A second award with a target value of $875,000 is expected in the first half of fiscal 2027. Its share count will use a pricing measure no lower than the one used for the first award, and its vesting terms are to be set later.
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Assi’s contract provides for notice and severance. Envato may end his employment with 24 weeks’ written notice. In specified termination circumstances, he may receive 28 weeks of salary, a prorated bonus based on actual performance, and 12 months of additional vesting on unvested equity. If such a termination occurs within 12 months after a change in control, the package instead includes 28 weeks of salary, the full target bonus for the year, and accelerated vesting of outstanding equity. These benefits require a release of claims.
Plain-English implications
Shutterstock is placing its founder back in day-to-day leadership while retaining Powell as CFO, and adding a president-and-COO role for Assi, who heads the acquired Envato business. Oringer’s appointment also reunites the CEO and chairman roles.