EX-99.02
Published on October 13, 2009
Exhibit 99.02
Contacts:
|
Investors | Media | ||
Jerry Natoli | Diane Carlini | |||
Intuit Inc. | Intuit Inc. | |||
650-944-6181 | 650-944-6251 | |||
Jerry_natoli@intuit.com | diane_carlini@intuit.com |
Intuit Announces Board of Directors Nominees
David Batchelder Nominated for Election at 2009 Annual Meeting
MOUNTAIN VIEW, Calif. Oct. 12, 2009 Intuit Inc. (Nasdaq: INTU) announced today that
David Batchelder will be added to the board of directors slate of nominees standing for election
at the companys 2009 annual stockholders meeting. The other nominees, all of whom currently serve
on Intuits board, are: Christopher W. Brody, William V. Campbell, Scott D. Cook, Diane B. Greene,
Michael R. Hallman, Edward A. Kangas, Suzanne Nora Johnson, Dennis D. Powell, Stratton D. Sclavos
and Brad D. Smith.
Batchelder, 60, has been nominated to fill the seat left vacant by former CEO Steve Bennett,
who, as previously reported, is retiring as a director at the 2009 annual meeting. Batchelder is a
founder and principal of Relational Investors, a San Diego-based investment fund.
Over the past several months, weve had constructive dialogue with David and his colleagues
at Relational Investors, and share a common vision on future opportunities of Intuit, said
Campbell, Intuits chairman of the board. We look forward to adding his perspective and experience
to our board. His nomination is consistent with our goal to continue to build the value of Intuit
for its shareholders.
more
Intuit Announces Board Nominees
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Batchelder, who has served as a director of 10 different companies, is currently a director of
The Home Depot, Inc.
Were impressed by Intuits commitment to doing whats best for their shareholders,
Batchelder said. I look forward to the chance to contribute to the board and the management team
to help achieve the full potential of this excellent company.
Under the terms of an agreement between Intuit and Relational Investors, Batchelder was
nominated for an initial one-year term, and Relational Investors has withdrawn its nomination
notice of three board candidates, including Batchelder. Relational Investors also agreed to
customary standstill covenants until the 2011 annual meeting of stockholders, with those covenants
expiring prior to the 2010 annual meeting if Batchelder is not nominated by the board to stand for
election in 2010.
The 2009 annual meeting is scheduled to be held Dec. 15 in Mountain View.
Relational Investors owns 13.2 million shares of Intuits outstanding common stock, or
approximately 4 percent.
About Intuit Inc.
Intuit Inc. (Nasdaq: INTU) 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. Our flagship products and services, including
QuickBooks®, Quicken® and TurboTax® , simplify small business management and payroll processing,
personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuits leading tax
preparation offerings for professional accountants. Our 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 $3.2 billion in its fiscal year 2009. The
company has approximately 7,800 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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