Shutterfly Inc., a manufacturer and online merchant of scrapbooks and other photography products and services, has grown at a compound annual rate of more than 20% over the past five years.

Contributing to that growth has been strong sales to business customers, which doubled year over year to $29.5 million for Shutterfly’s third quarter ended Sept. 30, accounting for 17.6% of total sales. Total sales in Q3 increased 18.0% to $167.5 million from $142.0 million.

But the company has continued to rack up net losses, and now is looking to refocus its growth with a new CEO early next year, as current CEO Jeffrey Housenbold, who joined Shutterfly in 2005, steps down in February, the company says. Shutterfly is No. 152 in the B2B E-Commerce 300, and No. 50 in the Internet Retailer Top 500 Guide.

For more on Shutterfly’s plans, click here.