Intuit announces new CEO

Intuit Inc. has announced that Steve Bennett, current president and chief executive officer, will step down at the end of December 2007. Intuit's board of directors has appointed Brad Smith, current senior vice president and general manager of Intuit's Small Business Division, to succeed Bennett effective January 1.

"Steve Bennett has been an outstanding leader for Intuit over the last eight seasons," said Bill Campbell, chairman of Intuit's board of directors. "He has consistently delivered great results and he has built enduring pillars of growth that will take this company into the future."

Under Bennett, the company has nearly tripled its revenue with double-digit growth every year and quadrupled its earnings. Bennett, 53, will remain an Intuit board member. In addition, he'll serve as a consultant to the leadership team through July 2008, when the company's fiscal year ends.

"I'm extremely proud of what we've accomplished since I joined Intuit in 2000," Bennett said. "Now, with eight successful seasons under my belt, the company solidly positioned for the future, and a CEO successor ready to lead the company, it's the right time for me to take some time off and explore the next challenge in my life."

Smith to Take Reins in January

Smith, 43, will continue in his current role leading Intuit's Small Business Division until the end of the year as both he and Bennett work closely to successfully complete the transition.

"Steve has been a strong driver of our succession planning efforts at Intuit," Campbell said. "And through that process Brad clearly emerged as the right person to be Intuit's next CEO."

"Having led each of our biggest businesses, Brad has a proven track record inside and outside of Intuit," Bennett said. "He has been instrumental in shaping the strategy. He has a strong and experienced management team in place. And he's ready to lead Intuit into the future. I look forward to working with him in his new role."

Smith credited Bennett with helping prepare him for the CEO role.

"I'm thrilled and honored to lead Intuit through the next chapter in its history," said Smith. "It's been a tremendous experience learning from Steve. Under his leadership, Intuit has consistently delivered fantastic results for employees, customers, and shareholders. And we have a clear strategy in place that will guide us into the future."

Smith was appointed to his Small Business Division role in May 2005. Previously, he was senior vice president and general manager of Intuit's Consumer Tax Group and, before that, vice president and general manager of the company's Accountant Central organization and the Intuit Developer Network.

Before joining Intuit in February 2003, Smith was senior vice president of marketing and business development at ADP. He has also held various sales, marketing and general management positions with Pepsi, Seven-Up, and Advo, Inc. Smith earned his master's degree in management from Aquinas College and a bachelor's in business administration from Marshall University.

You may like these other stories...

Cybersecurity is no longer the domain of an organization's IT staff. It's moved to the boardroom, and in a big way. Accountants and financial managers may have been thinking it's just the province of the tech...
You probably don't want to think about how many times you access the File menu in Excel 2010 or 2013. Personally I think Excel 2010 has the best possible File menu arrangement, other than having Print Preview grafted...
Following other recent high-profile hacking events, investigators discovered yesterday that hackers broke into the draft work paper files of several famous CPA firms. Revealing images of the scantily clad documents have been...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.