Shutterfly Chairman Bails, Blaming Sarbox

My favorite photo processing site, Shutterfly (SFLY), has lost some talent. Jim Clark, a founder of the company, (as well as Netscape Communications) has quit his Chairman's post and blames the Sarbanes-Oxley legislation.

In his resignation letter, Clark said the corporate governance legislation pretty much prevents him from being actively involved in the company's management - and therefore, not having much fun. "What’s left is liability and constraints on stock transactions, neither of which excite me," he said. Shares of the company fell on the news.

SFLY since IPO:

See also: An In-Depth Look at Shutterfly's IPO