Intuit Names Current Chairman Bill Campbell Acting Chief Executive; Bill Harris Resigns as CEO; Remains on Board.
Intuit, Inc. (Nasdaq:INTU) announced today that its board of directors has named current Chairman and former Chief Executive Officer Bill Campbell as its acting chief executive.
Campbell will assume day-to-day operations of the company pending selection of a new CEO to replace Bill Harris, who has resigned. Harris will remain on the board of directors, and will work with Campbell and the board to search for a new CEO.
"Bill Harris has been the chief architect of Intuit's Internet strategy, transforming the company from a leader in desktop software to a leader in electronic finance," said Campbell. "As a result, Intuit's business has never been stronger -- with revenues up 43% and profits doubling in our most recent fiscal year. Our business is strong, our strategy is in place and our management team is executing well.
"Bill Harris is a close friend and a brilliant strategist," said Campbell. "His leadership will be missed."
"I took on the role of Intuit's CEO to help lead Intuit's transition from PC software to Internet services," said Harris. "The framework for this shift is now in place and the company is delivering on it -- 20% of our last six month's revenues came from the Internet. It's time for Intuit to move to the next level and it's time for someone else to lead the company.
"I have enjoyed being a catalyst for change at Intuit," said Harris, "and I will continue to contribute as a member of the board. But the board and I agree that this is the right time for me to step back from day-to-day management of this billion dollar company so I can focus on my entrepreneurial interests."
Said Campbell, who will lead the search for a new CEO, "The board will move quickly to find the right person to lead Intuit in this next phase of growth. We are continuing to move decisively to execute our current strategy."
About Bill Campbell
Bill Campbell, 58, joined Intuit as president and chief executive officer in 1994. He transformed Intuit from a coalition of two small, newly public software companies into a $500 million financial software and services company. In August 1998, he was named chairman of the board.
Prior to Intuit, Campbell was president and chief executive officer of GO Corporation, a pen-based computing software company. Campbell was formerly the founder, president and chief executive officer of Claris Corporation, which was purchased by Apple Computer Inc. in 1990. He joined Apple in July 1983, where he served in a number of capacities including executive vice president, group executive of the United States.
About Bill Harris
Harris, 43, joined Intuit as executive vice president of Intuit's tax business in 1993 when Intuit acquired ChipSoft, Inc., the leading publisher of tax preparation software. In 1996, Harris added responsibility for the company's Internet strategy and business development. In 1997, Harris added responsibility for the Consumer Division, putting him in charge of more than half of the company's revenues. He was named CEO in August 1998.
Prior to Intuit, Harris served as ChipSoft's president and chief operating officer from 1991 to 1993, during which time the company's revenues tripled and its market valuation increased ten fold. Prior to joining ChipSoft, Harris served as executive vice president of U.S. News & World Report, and in various positions at Time Inc.
Intuit Inc. (Nasdaq:INTU) is the leader in e-finance, including financial software and Web-based services. Intuit develops and markets Quicken(R), the leading personal finance software; TurboTax(R), the best-selling tax preparation software; and QuickBooks(R), the most popular small business accounting software.
Intuit's Quicken.com(R) Web site (www.quicken.com) is a leading financial Web site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.
Note to Editors: Intuit, Quicken, QuickBooks, TurboTax and MacInTax are registered trademarks of Intuit Inc. WebTurboTax is a servicemark of Intuit Inc. Quicken.com is a trademark of Intuit Inc.