Summary
Intuit Inc. (INTU) has filed an 8-K report detailing significant changes in its Board of Directors. Notably, William V. Campbell is retiring as Chairman of the Board and from his employee role. Edward A. Kangas is also retiring from the Board. These retirements will be effective upon the conclusion of Intuit's 2016 Annual Shareholder Meeting. In response to these departures, the Board has appointed Brad D. Smith to succeed Mr. Campbell as Chairman of the Board, effective after the 2016 meeting, contingent on his re-election. Suzanne Nora Johnson has been appointed as the Lead Independent Director, also effective after the 2016 meeting and subject to her re-election. Furthermore, Eve Burton has been nominated to join the Board at the upcoming meeting. These appointments and nominations reflect a planned leadership transition and strengthening of board governance.
Key Highlights
- 1William V. Campbell, Chairman of the Board, is retiring from his role and as an employee of Intuit.
- 2Edward A. Kangas is retiring from the Board of Directors.
- 3Both Mr. Campbell and Mr. Kangas will continue to serve until Intuit's 2016 Annual Shareholder Meeting.
- 4Brad D. Smith is appointed as the new Chairman of the Board, effective after the 2016 Annual Meeting.
- 5Suzanne Nora Johnson is appointed as Intuit's Lead Independent Director, effective after the 2016 Annual Meeting.
- 6Eve Burton has been nominated to stand for election to the Board at the 2016 Annual Meeting.
- 7The company issued two press releases on October 27, 2015, announcing these changes.