Marshall Resigns

Posted on 6/12/2002 by Jim Pickerell | Printable Version | Comments (0)



June 12, 2002

Sheldon Marshall has resigned from ImageState. He will be taking some time off while he
explores new business opportunities. The press release put out by the company says,
"Sheldon Marshall, the Chief Executive, has decided to step down now that his role in the
establishment of the Company has been achieved."

Sources tell Selling Stock that the ImageState board has decided to focus on organic
growth rather than making more acquisitions. Marshall has been a proponent of an
acquisition strategy and his duties were re-defined recently to solely focus on
acquisitions. This new board decision left Marshall with nothing to do. Marshall retains
an equity interest in ImageState.

Chris Adamson, Finance Director of the company, has been appointed acting group Chief
Executive and has relocated to the Group's New York office where he has assumed
operational responsibility. The company is involved in an executive search process to
find someone to be the permanent Chief Executive. It is rumored that they are looking for
someone with a strong background in business and finance and experience in the stock
photo industry is not necessarily a requirement.

The new Director of Photography at ImageState is Lindsey Nicholson. She is the principle
contact for photographers and she can be reached at

ImageState's fiscal year ends in June. When the annual report is filed it is expected to
show significant losses for 2001. Sales were lower than expected and operating and
integration costs were much higher than originally anticipated.

For more information about the events in the last three months that have lead up to
Marshall's resignation see Stories
478 ,
477 ,
471 .)


Several stock agencies around the world had been looking toward Image State in the hopes
they might be acquired. It now looks like there will be no more Image State acquisitions
for the foreseeable future, no matter how attractive the property.

It also appears that none of the other major agencies with access to capital are in an
acquisition mode. This probably means that small agents who had hopes of one day selling
their company will either have to manage their company through these difficult times, or
fold there operations, as it is unlikely that anyone will buy them out.

It also seems unlikely that there will be a new buying spree until, and unless, the
industry experiences a new sustained period of major growth in revenue on a year to year

Copyright © 2002 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-251-0720, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to:  


Be the first to comment below.

Post Comment

You must log in to post comments.

Stay Connected

Sign up to receive our FREE weekly email listing new stories posted.

Follow Us

Free Stuff

Recent Stories – Summer 2016
If you’ve been shooting all summer and haven’t had time to keep up with your reading here are links to a few stories you might want to check out as we move into the fall. To begin, be sure to complet...
Read More
Corbis Acquisition by VCG/Getty Images
This story provides links to several stories that relate to the Visual China Group (VCG) acquisition of Corbis and the role Getty Images has been assigned in the transfer of Corbis assets to the Gett...
Read More
Finding The Right Image
Many think search will be solved with better Metadata. While metadata is important, there are limits to how far it can take the customer toward finding the right piece of content. This story provides...
Read More
Where Is The Stock Photo Industry Headed?
For new readers, or those who may have missed some of what I have written over the last few months, the following are a list of stories worth looking at to get a sense of where the industry is headed.
Read More
Photography As A Career
It’s that time of year when high school seniors are waiting for college acceptance letters and thinking about future careers. If you know someone who is thinking about photography as a career you mig...
Read More
2014 Stories You May Have Missed
For many the end of the year is a time to review past experiences and consider whether it makes sense to chart a new course in the year ahead. Stock photography has changed dramatically for professio...
Read More
More Stories In 2014 You May Have Missed
Every so often I put together a list of the most important stories we’ve published in the recent past. If you are engaged in the business of stock photography the links below are to stories that we’v...
Read More
Getty: A Three Month Review
In all the excitement about 35 million FREE images it is worth looking back at some of things that have been happening at Getty Images in the last three months. After watching revenue decline for the...
Read More
State Of Stock Photo Industry: 2013
If you’re looking for an overview of the state of the stock photo industry as of October 2013 the stories listed below are a good place to start. Regular readers of Selling-Stock will have seen all t...
Read More
Education Market Shifts To Digital
If supplying pictures for educational use is a significant part of your business plan you need to be aware of how the market is trending toward digital delivery and how that is likely to affect the p...
Read More

More from Free Stuff