Jon Oringer, founder of stock image company Shutterstock, has announced plans to step down from his current role as CEO after 16 years. Oringer won't be leaving the company, however; he'll transition to a new role as Executive Chairman of the Board. Stan Pavlovsky, Shutterstock's current President and COO, will take over the role of CEO starting on April 1.

Oringer announced the news in a Medium post on Thursday, explaining that Shutterstock has 'reached a pivotal juncture in our growth trajectory [...] our business has grown and evolved to a point where we could all benefit from a CEO that has a different set of skills than I have.'

Shutterstock was launched in 2003 out of Oringer's small New York City apartment and the company has managed to be profitable every year since. Pavlovsky joined the company in 2019, bringing what Oringer says is 'the ideal skill-set and mind-set to take our business to the next level and it is all of these qualities that gave us the confidence to elevate him to COO, President, and now CEO.'

The news comes alongside Shutterstock's Q4 2019 financial results, which reveal that the company made $166.4 million in revenue, a 3% increase over the same quarter in 2018. However, the company's net income dropped by 63% to $20.1 million in 2019. Over the last few years, Shutterstock has seen its market cap drop from a 2014 peak at around $3.5 billion down to less than $2 billion.