Photo agency Corbis says it will be cutting approximately 16 percent of its staff over the next year. The move, which will involve 175 layoffs, will reduce the company's size to about 900 employees.

Two of the highest-level executives who will be leaving the company are senior vice president Adam Brotman, who had launched Corbis' microstock site SnapVillage, and chief creative officer Ross Sutherland.

According to Corbis, the layoffs are part of consolidation efforts to remove role duplication between itself and Veer, a competitor that it acquired in 2007. Corbis had previously cut 285 jobs through layoffs in 2007.

Along with these staff cuts, Corbis will integrate several of Veer's executive positions. Don Weishlow, formerly with Veer, will become senior vice president of products, and Nairn Nerland will become senior vice president of networks. Gary Shenk, however, will retain his role as CEO, a position he took over last year. Also, Vivian Farris will take over the senior vice president for human resources position that Steven Lodis held until his job was terminated last March. The company is still searching for a senior vice president for technology.

Despite job cuts and a weak economy, Corbis executives are claiming to have the strongest cash flow in its history.