May 30, 2007, 12:00 AM

Shutterfly paid its top executives $1.68 million in 2006

Online digital photo retailer Shutterfly paid its top executives more than $1.68 million in salaries, stock options and bonuses for the year ended Dec. 31, 2006.

Bill Briggs

Senior Editor

Online digital photo retailer Shutterfly Inc.’s president and CEO Jeffrey T. Housenbold received $742,312 in total compensation for 2006. His pay package included a base salary of $263,366, a $12,500 discretionary bonus based on the company’s 2006 financial performance, stock options worth $328,946 and $137,500 in incentives.

Compensation for Shutterfly’s top four executives totaled $1.687 million for the year ended Dec. 31, 2006, according to the company’s recently filed proxy statement.

Web-only retailer Shutterfly, No. 93 in the Internet Retailer Top 500 Guide, reported 2006 web sales of $123.4 million in 2006, a 48% increase compared to $83.9 million in 2005.

Shutterfly CFO Stephen E. Recht received total compensation of $458,901, including $225,058 in base salary, a $50,000 discretionary bonus and $182,880 in stock options.

Stanford S. Au, senior vice president of technology, received a $389,655 compensation package that included a base salary of $172,635, a $55,000 discretionary bonus and $162,021 in stock options. Au joined Shutterfly in April 2006.

Senior vice president of operations Jeannine M. Smith Thomas, who left Shutterfly in January, received $313,157 in total compensation. That included a base salary of $194,654, plus a $36,000 discretionary bonus and $82,502 in stock options.

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