Brad Smith to Lead Intuit Through 2018 Then
Serve as Executive Chairman; Intuit Executive Sasan Goodarzi Named
Next CEO Effective Jan. 1, 2019
Intuit Inc. (Nasdaq: INTU) today announced that Brad Smith,
current president, chief executive officer and chairman of the
board, will step down as CEO at the end of December 2018. Smith
will remain with Intuit and become Executive Chairman of Intuit’s
Board of Directors. The board has appointed Sasan Goodarzi,
currently executive vice president and general manager of Intuit’s
Small Business and Self-Employed Group, to succeed him effective
Jan. 1, 2019. Goodarzi will also be joining Intuit’s Board of
Directors at that time.
In addition, Chief Technology Officer Tayloe Stansbury will step
down Jan. 1, 2019. Marianna Tessel, senior vice president and chief
product development officer for Intuit’s Small Business and
Self-Employed Group, will succeed Stansbury as Intuit’s CTO.
“Brad Smith has been an outstanding leader for Intuit over the
last 11 years,” said Suzanne Nora Johnson, lead independent
director of Intuit’s Board of Directors. “He has transformed Intuit
from a North American desktop software company into a global
cloud-driven product and platform company. Under his leadership,
Intuit has accelerated growth in customers, revenue and profit
while establishing a durable foundation for continued success long
into the future.”
Under Smith, the company more than doubled its customer base to
approximately 50 million customers, doubled its revenue to nearly
$6 billion and more than tripled GAAP earnings per share. Intuit
also returned nearly $13 billion through dividends and share
repurchases to shareholders, and posted a total shareholder return
on the stock of over 600 percent from January 2008 to date, nearly
three times the return on the Nasdaq over the same period. Intuit
appeared on Fortune’s Best Places to Work list during each of
Smith’s 11 years as CEO.
“I’m extremely proud of what we’ve accomplished as a team,”
Smith said. “We’ve transformed the company, delivered years of
consistent growth and built a strong, enduring culture of
innovation and self-disruption. We’ve also continued our long
history of leadership development and built a deep bench of leaders
who will make up the next generation of Intuit management. That
includes a CEO successor in Sasan Goodarzi who is ready to take the
reins of Intuit. With all this in place, the time is right for me
to step down as CEO and continue serving the company in my role as
Executive Chairman of the Intuit Board of Directors.”
Goodarzi to Take Reins Jan. 1, 2019
Goodarzi, 50, will continue in his current role leading Intuit’s
Small Business and Self-Employed Group until the end of the year as
both he and Smith work closely to successfully complete the
transition.
“Brad has been a strong driver of our succession planning
efforts at Intuit,” said Johnson. “And through that process Sasan
clearly emerged as the right leader to be Intuit’s next CEO.”
“Having led each of our largest businesses and served as our
chief information officer during his 13 years with the company,
Sasan is a proven leader and growth driver,” said Intuit Chairman
and CEO Brad Smith. “He has been instrumental to the transformation
of our company and was a key architect of our One Intuit Ecosystem
strategy. Sasan is both ready and primed to lead Intuit into the
future. I look forward to working with him in his new role.”
Goodarzi credited Smith with helping prepare him and the company
for this transition.
“I’m honored and humbled by the opportunity, and I’m thrilled to
lead Intuit into the next chapter in its history,” Goodarzi said.
“Brad has set a high standard for world-class leadership. And he’s
role modeled that during his time at Intuit. He’s consistently
delivered outstanding performance as CEO while transforming the
company and building an enduring foundation for long-term
growth.”
Goodarzi was appointed to his Small Business and Self-Employed
role in May 2016. Previously, he was executive vice president and
general manager of Intuit’s Consumer Tax Group and, before that,
served as Intuit’s chief information officer, as the general
manager of Intuit’s ProTax organization and as the general manager
of Intuit’s Financial Services Division.
Before joining Intuit in 2004, Goodarzi served as the global
president of the products group for Invensys and held a variety of
senior management roles in the automation control division at
Honeywell. He also co-founded and served as the chief executive
officer of technology startup Lazer Cables Inc. Goodarzi earned his
master’s degree in business administration from the Kellogg School
of Management at Northwestern University and earned his bachelor’s
degree in electrical engineering at the University of Central
Florida.
Alex Chriss, currently senior vice president and chief product
and platform officer for Intuit’s Small Business and Self-Employed
Group, will succeed Goodarzi as general manager of the business
unit. Chriss is a successful entrepreneur with a proven track
record innovating both inside and outside the company. Since
joining Intuit in 2004, he’s helped expand Intuit’s small business
market opportunity around the world by launching and leading
Intuit’s self-employed business, Intuit’s platform-as-a-service
strategy and the QuickBooks App Store. Chriss has also led Intuit’s
QuickBooks Capital business.
Chief Technology Officer Tayloe Stansbury to Step Down in
January
Intuit also announced that Chief Technology Officer Tayloe
Stansbury will step down from his role as CTO on Jan. 1, 2019.
During his 9-year run at the company, he spearheaded Intuit’s
successful transition from the desktop to the web and from the web
to mobile and most recently to the public cloud. Stansbury started
the company on its path toward an integrated ecosystem of products
and led a giant leap forward in Intuit’s artificial intelligence
capability.
“Tayloe Stansbury has been a game-changer for Intuit. He has
been instrumental in our company’s technology transformation,” said
Smith. “He’s built a world-class technology organization and
recruited and developed a deep bench of technology leaders.”
Marianna Tessel, currently senior vice president and chief
product development officer for Intuit’s Small Business and
Self-Employed Group, will succeed Stansbury as Intuit’s chief
technology officer on Jan. 1, 2019. A former engineer and a
captain in the Israeli Army, Tessel has proven leadership
experience at both large companies as well as startups.
She held senior engineering leadership roles at
General Magic, Ariba, VMware and Docker. While at VMware and
Docker she had a chance to be at the forefront of significant
technology transformations, including virtualization, cloud,
containerization and DevOps.
“Marianna Tessel is a standout technologist and an exceptional
business leader. I could not be more confident in her stewardship
of this important capability and function for the company,” said
Smith.
About Intuit
Intuit’s mission is to Power Prosperity Around
the World. Our global products and platforms, including
TurboTax, QuickBooks, Mint and Turbo, are designed
to empower consumers, self-employed and small
businesses to improve their financial lives, finding them more
money with the least amount of work, while giving them complete
confidence in their actions and decisions. Our innovative
ecosystem of financial management solutions
serves approximately 50 million customers worldwide,
unleashing the power of many for the prosperity of one. Please
visit us for the latest news and in-depth information about
Intuit and its brands and find us on social.
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version on businesswire.com: https://www.businesswire.com/news/home/20180823005737/en/
Intuit Inc.InvestorsKim Watkins,
650-944-3324Kim_watkins@intuit.comorMediaDiane Carlini,
650-944-6251diane_carlini@intuit.com
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