ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS, APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On August 23, 2018, Intuit announced that, effective January 1, 2019, Brad Smith will be stepping down as President and Chief Executive Officer of Intuit, at which time he will become Executive Chairman of Intuit’s Board of Directors. In addition, on August 21, 2018, Intuit’s Board of Directors appointed Sasan Goodarzi to become Intuit’s next President and Chief Executive Officer, effective as of January 1, 2019, upon Mr. Smith’s stepping down from his current executive positions at the Company and assuming the role of Executive Chairman of the Board of Directors. The Board of Directors has also approved an increase in the size of the Board of Directors to 11 members, effective January 1, 2019, and the appointment of Mr. Goodarzi to the Board at that time. Mr. Goodarzi will continue as Executive Vice President and General Manager, Small Business & Self-Employed Group through December 31, 2018, after which he will be succeeded by Alex Chriss, the Company’s Senior Vice President and Chief Product and Platform Officer, Small Business and Self Employed Group.
Mr. Goodarzi has been Executive Vice President and General Manager of Intuit’s Small Business & Self-Employed Group since May 2016. He previously was Executive Vice President and General Manager of Intuit’s Consumer Tax Group from August 2015 through April 2016, and from August 2013 to July 2015 he served as Senior Vice President and General Manager of the Consumer Tax Group. He served as Intuit’s Senior Vice President and Chief Information Officer from August 2011 to July 2013, having rejoined Intuit after serving as CEO of Nexant Inc., a privately held provider of intelligent grid software and clean energy solutions, beginning in November 2010. During his previous tenure at Intuit from 2004 to 2010, Mr. Goodarzi led several business units, including Intuit Financial Services and the professional tax division. Prior to 2004, Mr. Goodarzi worked for Invensys, a global provider of industrial automation, transportation and controls technology, serving as global president of the products group. He also held a number of senior leadership roles in the automation control division at Honeywell International Inc., a diversified technology and manufacturing company, and served as the chief executive officer and co-founder of a technology startup, Lazer Cables Inc. He serves on the Board of Atlassian Corporation Plc. Mr. Goodarzi holds a Bachelor’s degree in Electrical Engineering from the University of Central Florida and a Master’s degree in Business Administration from the Kellogg School of Management at Northwestern University.
Mr. Goodarzi was not selected pursuant to any arrangement or understanding between him and any other person. Mr. Goodarzi has no family relationships with any of our directors or executive officers. There have been no related party transactions between the Company or any of its subsidiaries and Mr. Goodarzi reportable under Item 404(a) of Regulation S-K.
On August 23, 2018, Intuit also announced that, effective January 1, 2019, Tayloe Stansbury will be stepping down as Executive Vice President and Chief Technology Officer of Intuit, and that Marianna Tessel, who currently serves as Intuit’s Senior Vice President and Chief Product Development Officer, Small Business & Self-Employed Group, will succeed Mr. Stansbury as Intuit’s Chief Technology Officer.
A copy of the press release is attached to this Report as Exhibit 99.02.