Summary
Intuit Inc. (INTU) announced a significant leadership change in its 8-K filing on October 1, 2009. Stephen M. Bennett, former President and CEO and a long-standing board member since 2000, will not seek re-election to the Board of Directors at the upcoming annual stockholders' meeting. Mr. Bennett cited the successful transition of leadership to the current CEO, Brad D. Smith, as the reason for his departure, allowing him to pursue other opportunities. In recognition of his extensive service, Intuit's Compensation Committee approved the accelerated vesting of Mr. Bennett's non-employee director stock options. This acceleration will make his 67,500 shares, granted in January 2009, fully exercisable in December 2009, ahead of his departure from the board. This move is primarily a recognition of his years of commitment to the company.
Key Highlights
- 1Stephen M. Bennett, former President and CEO and director since 2000, will not stand for re-election to the Board.
- 2Mr. Bennett's departure is attributed to pursuing other opportunities following the successful leadership transition to current CEO Brad D. Smith.
- 3The company is accelerating the vesting of Mr. Bennett's non-employee director stock options as a reward for his service.
- 467,500 stock options granted in January 2009 will become fully vested and exercisable in December 2009.
- 5The accelerated options, valued at approximately $300,000 based on the September 30, 2009 closing price of $28.50, represent a significant portion of his director compensation.
- 6This filing does not involve any changes to current operational performance or financial results, but rather focuses on corporate governance and executive compensation matters.