Dive Brief:

• Shutterfly said Wednesday that its CFO, Mike Eklund, is stepping down to “pursue other opportunities,” four months after the digital imaging company announced a new chief executive.

• Effective Sept. 11, Eklund will be succeeded by Jan Paul Teuwen, who most recently occupied the CFO seat at Lumileds, a global lighting solutions company, according to a press release. Teuwen also previously served in finance roles at Philips, the global technology company.

• “This is an exciting moment for the Shutterfly family of brands as we chart the course for our next phase of strategic growth,” Shutterfly CEO Sally Pofcher said in the release. “Jan Paul's focus on creating lasting value, combined with his operational know-how and extensive global manufacturing experience, positions us well to embrace the opportunities that lie ahead.”

Dive Insight:

Shutterfly announced in early May that Pofcher was named CEO, replacing Hilary Schneider, who transitioned to a strategic advisor to the board of directors.

Once a publicly traded company, Redwood City, California-based Shutterfly is now owned by Apollo Global Management, a private equity firm headquartered in New York.

Apollo Global bought Shutterfly in 2019 in a deal valued at $2.7 billion, including the company’s $900 million debt. At the time, Moody’s expected the debt would become more manageable as the business improved, but this didn’t happen, according to a July Bloomberg News report. Instead, Shutterfly “burned through cash as inflation squeezed consumers and businesses,” the report said.

Meanwhile, Shutterfly is expected soon to shut down its manufacturing plant in Shakopee, Minnesota, leaving 246 employees out of work, according to a CBS News report. The closure, which is part of a strategy to boost overall business operations, is expected to take place in June 2024, with the layoff process happening in phases starting this October, the report said.

In the company’s Wednesday release, Teuwen said he will focus on “building on our strong momentum by driving lasting growth and prioritizing customer experience and operational excellence.”

Teuwen was named CFO of Lumileds in May 2019, according to his LinkedIn profile. Prior to that, he served in various other finance leadership positions at the company, including vice president of finance.

Prior to his time at Lumileds, he spent 10 years at Philips, where he held controller and FP&A positions with several business areas including R&D, consumer products, retail, and telecommunications, according to the release.