Bo Olofsson, Getty Images senior vice president of sales, intends to resign upon the completion of the planned merger with Hellman & Friedman. In lieu of recruiting for the same position, the company is expanding the responsibilities of several existing executives.
According to documents filed with the U.S. Securities and Exchange Commission, Nicholas Evans-Lombe, previously executive vice president of imagery, products and services, is the big winner in the reshuffle. He has been promoted to executive vice president and COO, which is a new position for Getty Images.
Evans-Lombe came to Getty Images in 1996 from London-based Hambros Bank Limited, where he worked in corporate finance. Initially hired as a director, Evans-Lombe was promoted to senior vice president within two years and to executive vice president in June 2007, becoming the top executive in charge of the Getty Images products and services. He has since guided the development and management of the company's stock collections and service portfolio.
In his new role, Evans-Lombe will oversee sales alongside Getty CEO Jonathan Klein, whose stay in New York is being extended for a year. After the merger concludes during the second or third quarter, Olofsson's responsibilities will be divided among three regional vice presidents: Michael Teaster will head sales for North America, Lee Martin for Europe and Jeff Beyle for Asia Pacific and indirect sales. Teaser and Martin will report to Evans-Lombe; Beyle will continue reporting to Klein.
In addition, Evans-Lombe is assuming responsibility for the company's technology function. The love affair with iStockphoto founder Bruce Livingstone, Getty's current senior vice president of consumer and technology, may be coming to an end. Livingstone was promoted to the top corporate technology job less than a year ago, following a string of short stints by executives who failed to meet expectations. The company's Form 8-K SEC filing does not discuss Livingstone's position or responsibilities.
The financial implications of Evans-Lombe's promotion and the changing responsibilities of Beyle, Martin and Teaser will be disclosed once Getty Images executes revised employment agreements with the four executives. According to Hemscott, Inc., an independent provider of financial data in the U.S. and Canada, Evans-Lombe's cash compensation in 2007 was $731,022. He is also a major shareholder, whose total of 225,000 options were valued at over $10.5 million at the end of last year.