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.

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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