EXHIBIT 99.02
Published on August 22, 2007
Exhibit 99.02
Contacts:
|
Investors | Media | ||
Bob Lawson | Diane Carlini | |||
Intuit Inc. | Intuit Inc. | |||
650-944-6165 | 650-944-6251 | |||
robert_lawson@intuit.com | diane_carlini@intuit.com |
Intuit Announces CEO Succession
Steve Bennett to Lead Company Through 2007;
Intuit Executive Brad Smith Named Next CEO
Intuit Executive Brad Smith Named Next CEO
MOUNTAIN VIEW, Calif. Aug. 22, 2007 Intuit Inc. (Nasdaq: INTU) today announced that Steve
Bennett, current president and chief executive officer, will step down at the end of December 2007.
Intuits board of directors has appointed Brad Smith, current senior vice president and general
manager of Intuits Small Business Division, to succeed him effective Jan. 1.
Steve Bennett has been an outstanding leader for Intuit over the last eight seasons, said
Bill Campbell, chairman of Intuits 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, hell
serve as a consultant to the leadership team through July 2008, when the companys fiscal year
ends.
Im extremely proud of what weve 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, its the right time for me to take some time off and
explore the next challenge in my life.
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Intuit CEO Succession
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Smith to Take Reins in January
Smith, 43, will continue in his current role leading Intuits 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 Intuits 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 hes 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.
Im thrilled and honored to lead Intuit through the next chapter in its history, said Smith.
Its 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 Intuits Consumer Tax Group and, before that, vice president
and general manager of the companys 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 masters degree in management from
Aquinas College and a bachelors in business administration from Marshall University.
Smiths
complete biography is available on http://www.intuit.com/brad_smith_bio.pdf.
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Intuit CEO Succession
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About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and
mid-sized businesses; financial institutions, including banks and credit unions; consumers and
accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and
TurboTax® software, simplify small business management and payroll processing, personal finance,
and tax preparation and filing. ProSeries® and Lacerte® are Intuits leading tax preparation
software suites for professional accountants. The companys financial institutions division,
anchored by Digital Insight, provides on-demand banking services to help banks and credit unions
serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $2.67 billion in its fiscal year 2007. The
company has approximately 8,000 employees with major offices in the United States, Canada, the
United Kingdom and other locations. More information can be found at www.intuit.com
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