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April 11, 2007 – Stock photo agency Corbis yesterday announced the promotion of Gary Shenk, current president of the company, to CEO, effective July 1.
Created by Microsoft Chairman Bill Gates in 1989, Corbis has an archive of over 100 million images and other graphics, videos, and films that are used by creative professionals and news organizations. Users can access, for a fee, some of the world's most historic photos through Corbis. The company rivals other stock agencies including Getty Images and low-priced stock photo company iStockphoto.
Gary Shenk will replace CEO Steve Davis who will pursue other opportunities in philanthropy. Davis played a vital role in the development of Corbis, said Gates in a press release yesterday. Under Davis’s 14-year leadership, however, Corbis has failed to turn a profit, although the company reported $250 million in revenue last year, according to The Seattle Times today.
Shenk is known for his customer-focused business strategy. He was a founder and general manager of FlixMix, a media licensing ageny and Universal Studios subsidiary.
"Gary is a natural leader and an ideal person to assume the role of CEO," said Gates. "He has the energy, focus, discipline and proven track record to maximize Corbis’ assets by further improving business operations and fostering innovation to best serve customers."