CafePress CEO Fred Durham leaves his recently-acquired company. Local news outlet Louisville Business First reports that Durham’s exit comes along with a notification of CafePress' removal from the Nasdaq market listings.
The newspaper says the company filed an agreement with Durham that includes a severance package totaling $125,000 as well as other compensation. Durham’s last day with CafePress was Nov. 9. The severance package reportedly releases Snapfish from “all disputes and pending or future lawsuits involving Durham.” While Snapfish didn't elaborate on these lawsuits, other recent reports highlight that the company is under scrutiny by multiple law firms regarding the acquisition's fairness.
The news of Durham’s departure comes on the heels of a significant acquisition in September by Snapfish. The personalized photo service company bought CafePress with plans to create partnerships with major entertainment companies. The transaction followed multiple years of ups and downs at CafePress that included a decline in profits and layoffs.