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Online photo site Shutterfly Inc. said on Monday that Chairman Jim Clark, co-founder of Web pioneer Netscape Communications, had resigned, saying securities regulations had “gone too far.”

In a letter to management released in a regulatory filing, the Silicon Valley veteran said he was resigning from the board both because the company has matured from a technology developer into a manufacturer and due to constraints imposed on major shareholders by the Sarbanes-Oxley securities law.

Shutterfly made an initial public offering of shares in September, and Clark held roughly 30 percent of the outstanding shares following the IPO, according to the shareholder prospectus. Shutterfly shares are trading down 4 percent from its initial offering price of $15.

“Sarbox (Sarbanes-Oxley) dictates that I not chair any committee due to the size of my holdings, not be on the compensation committee because of the loan I once made to the company, not be on the governance committee,” Clark wrote.

Reuters:UPDATE 1-Shutterfly chairman quits, attacks Sarbanes-Oxley