Shutterfly CEO sees 'choppy' times through her economic lens

SAN FRANCISCO (AP) — While other technology companies lay off workers and try to cut other costs amid a post-pandemic comedown, Shutterfly CEO Hilary Schneider is gearing up for a busy holiday season. Orders are pouring in for the digital photo and printing company's photo books, which capture moments from all the postponed vacations, weddings and other diversions people could finally enjoy this year.

Schneider, who became Shutterfly's CEO in 2020 shortly after Apollo Global Management took the company private in a $2.7 billion deal, also sympathizes with the belt-tightening at other technology companies. Her past experience includes being CEO of Red Herring, a technology magazine that collapsed during the dot-com bust 20 years ago, and working as a top executive at Yahoo during the Great Recession of 2008 and 2009. She recently shared her perspective with The Associated Press.

Q: How do you view the current state of the economy?

A: We're certainly going through an economic reconciliation here. It’s hard to remember what that’s like because we have been in a bull market for so long. But those of us with some gray hair have seen this before. I think the reality is it’s a choppy environment. While we are not in a recession yet, there are certainly things that are impacting everyone already. You have the war in Ukraine, you have inflation, you have supply chain issues, and higher labor costs with nearly full employment.