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
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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:  


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