Shutterstock, Inc. (NYSE: SSTK) has appointed Jaime Teevan, Chief Scientist and Technical Fellow at Microsoft, to its board of directors. Teevan, recognized for her research in productivity and personalized search, brings deep technical expertise and leadership in ethical AI, as well as a wealth of knowledge and experience in the AI space. Shutterstock's CEO, Paul Hennessy, expressed excitement about Teevan's insights and her relevance to the company's mission, particularly in the evolving relationship between AI and human creativity.
Shutterstock, known for its high-quality content library, has been strategically positioning senior leaders and strengthening its internal ecosystem to advance its capacity to meet the growing demand for machine learning (ML) and generative services. The company has also been focused on accelerating its data business through offerings including data licensing, metadata enhancement, and data delivery via marketplaces. This deliberate approach has led to growing collaborations and partnerships with major tech players, driving the long-term growth of its data business.
Shutterstock's business and growth strategy is targeted to achieve double-digit growth by 2027. The addition of Teevan to the board of directors is expected to further enhance the company's transformation as a leading provider of ML data. This aligns with Shutterstock's commitment to ensuring that AI serves to strengthen its mission to power creativity. Following these announcements, the company's shares moved 3.2%, and are now trading at a price of $36.22. If you want to know more, read the company's complete 8-K report here.
