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What: Shares of online photo services company Shutterfly (Nasdaq: SFLY) are suffering from the red-eye effect today, down as much as 11% earlier today, on news that its CFO, Mark Rubash, is leaving the company next month.

So what: In most cases, it's not a good sign when a top executive is leaving the company, and today's move lower is evidence of that. The company declined to say where Mr. Rubash is headed outside of mentioning that it was a start-up medical technology company. CEO Jeff Housenbold and Chief Accounting Officer Brian Manca will assume Rubash's duties until a replacement is found.

Now what: Although it's disappointing to see one of its top executives leave, Shutterfly has a bigger-picture problem to worry about. Competing photo- and card-printing companies have taken to lowering prices to stay competitive with Shutterfly, which has crimped the company's margins and forced it to drastically reduce earnings estimates. With no clear-cut solution in sight, it's going to take more than just a new CFO to cure Shutterfly's woes.

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