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Jim Clark — Clipped Wings at Shutterfly

Jim Clark — Clipped Wings at Shutterfly

by Toby Lucich on January 16, 2007

Many executives will complain in private about the mounting restrictions they face running a public company these days, from the hassles of Sarbanes-Oxley to the regulations in place at U.S. stock exchanges. But few are as frank as Jim Clark, the legendary founder of Netscape and Silicon Graphics. When Clark submitted his letter of resignation as chairman of photography Web site Shutterfly only three months after its initial public offering (IPO), he made it clear that with all the new rules, he just wasn’t able to play the role he wanted to.

He particularly complained that he could not be on important committees including the governance and compensation committees. “What’s left,” he wrote, “is liability and constraints on stock transactions.” Reached by senior writer Nanette Byrnes two days after Shutterfly announced the move, Clark wasn’t any happier. Here are edited excerpts from their conversation:

Jim Clark — Clipped Wings at Shutterfly

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