Company Plans Changes to Board Leadership Structure and Announces
Departure of Two Directors
Intuit Inc. (Nasdaq:INTU) today announced it plans to nominate Eve
Burton, Senior Vice President and General Counsel, Hearst, to stand for
election to its board of directors. The addition of Burton will add
broad global business acumen, and a range of multi-media business
experience to Intuit’s board.
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Eve Burton (Photo: Business Wire)
Burton has been with Hearst, one of the largest diversified media and
information companies, since 2002. In her current role, she has overall
responsibility, including overseeing compliance and risk matters, for
the Office of General Counsel, which provides legal services to all of
Hearst’s more than 360 businesses around the world. Burton is also on
the Hearst venture investment committee and has been involved in
establishing enterprise partnerships deals.
“Eve brings invaluable global business expertise that is vital to Intuit
as the company continues to grow around the world,” said Brad Smith,
Intuit’s president and chief executive officer. “We’re pleased to have
someone of her caliber, with a range of experience including her strong
commitment to defending free speech principles and her distinguished
leadership.”
Burton is on the Hearst Board of Directors and served on the board of
directors of AOL. She is a member of the advisory board of the David and
Helen Gurley Brown Institute for Media Innovation at Stanford and
Columbia Universities. Burton holds a J.D. from the Columbia University
School of Law.
Brad Smith Named Chairman
With the announced retirement of Chairman Bill Campbell at the end of
his current term, Brad Smith will become Chairman effective January 2016.
“Brad has been the architect of a complete transformation of Intuit,
from a North American desktop software company to a global, cloud-based
SaaS leader,” said retiring Intuit Chairman, Bill Campbell. “A masterful
change leader and curator of the culture, Brad has a vision for the
future of Intuit and a growth strategy to deliver value for employees,
customers, partners and shareholders.”
“I’m proud to hand the reins over and have Brad lead. It’s what he does
best and what’s best for Intuit,” said Campbell.
Suzanne Nora Johnson Named Lead Independent
Director
In conjunction with the appointment of Smith to Chairman, Suzanne Nora
Johnson will become Lead Independent Director. An Intuit board member
since 2007 and chair of the Acquisition Committee since 2012, Nora
Johnson will contribute her extensive experience from her tenure as Vice
Chairman of the Goldman Sachs Group, Inc. in managing large, complex,
global institutions as well as insights into how to manage change in the
financial services industry, public policy and the macro-economic
environment. Nora Johnson currently serves in various leadership roles
on the boards of American International Group, Inc., Pfizer Inc., and
VISA Inc.
Bill Campbell Named Chair Emeritus
Bill Campbell has served as Intuit Chairman, CEO and executive coach for
more than two decades. With his retirement from the board and in
recognition of his many years of service and commitment to the company,
Intuit has named Campbell Chairman Emeritus.
Edward Kangas to Step Down
The company also announced Edward Kangas will step down from the
company’s board of directors. Kangas, who also serves as non-executive
Chairman of the Board of Directors of United Technologies Corporation,
has served on Intuit’s board since 2007.
“We are grateful for Ed’s many contributions,” said Smith. “Ed has been
instrumental in the company’s journey to the cloud and a close confidant
and advisor to me over the years. We thank him for the wealth of
experience he has brought to Intuit.”
All changes will be effective at the annual shareholder meeting in Jan.
2016.
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®
and TurboTax®,
which make it easier to manage small businesses and tax preparation and
filing. Mint.com
provides a fresh, easy and intelligent way for people to manage their
money while ProSeries®
and Lacerte®
are Intuit's leading tax preparation offerings for professional
accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year
2015. The company has approximately 7,700 employees with major offices
in the United States, Canada, the United Kingdom, India and other
locations. More information can be found at www.intuit.com.
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