Shutterfly, an online photo service, said Monday that the chairman, Jim Clark, co-founder of Web pioneer Netscape Communications, had resigned. In explaining his departure, Mr. Clark said securities regulations, and more specifically the Sarbanes-Oxley Act, had “gone too far.” The harsh comments from one of Silicon Valley’s best-known entrepreneurs are likely to add to the debate about whether tougher laws are stifling innovation in the United States.
In a letter to the Shutterfly board, dated Jan. 1, Mr. Clark described feeling hamstrung by the rules governing what he can and cannot do as a director and major shareholder of the company:
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Also see:
Jim Clark, Shutterfly chairman quits, attacks Sarbanes-Oxley
Jim Clark Is So Effin Out Of Here: Ditches Shutterfly, Blames SOX
Shutterfly Chairman Bails, Blaming Sarbox
Valley veteran Jim Clark resigns, saying regulations have “gone too far”
Shutterfly: Clark’s SarbOx Signoff
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