- Push-out Score suggests push-out forces
- After 11 years in the position
- Accolades and praise for Smith
- Sasan Goodarzi taking over
- Smith will remain as Executive Chairman at Intuit
- Smith spoke at length and said 178 words
(exechange) — Mountain View, California, August 23, 2018 — Brad Smith, chief executive of Intuit, leaves his post. His departure is made public at an early stage. As announced by Intuit Inc. in a news release and in a regulatory filing published on Thursday, August 23, 2018, Brad D. Smith leaves his post as chief executive officer at the business and financial software company after 11 years in the role, effective January 1, 2019.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.3 years, according to data compiled by exechange. Only 37 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Smith’s duties will be taken over by Sasan K. Goodarzi, currently executive vice president and general manager of the Small Business and Self-Employed Group of Intuit Inc.
Smith’s move is part of a management shake-up also involving the position of Chief Technology Officer.
“The time is right”
The management change is explained as follows. Smith said: “[T]he 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.”
Smith will remain as Executive Chairman at Intuit
“Smith will remain with Intuit and become Executive Chairman of Intuit’s Board of Directors,” Intuit said.
Intuit said: “Brad Smith, current president, chief executive officer and chairman of the board, will step down as CEO at the end of December 2018.”
Intuit further said: “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.”
Share price rise since January 2009
The change follows a rise in the share price of Intuit Inc. since January 2009.
In the position of CEO since 2008
Brad D. Smith has been the Chief Executive Officer and President of Intuit Inc. since January 2008 and also has been its Chairman of the Board since January 21, 2016.
Smith joined Intuit in 2003 and held a series of executive positions during a five-year rise through the company where he successfully led several of its major businesses.
He was named Intuit’s president and chief executive officer in January 2008, and became chairman of the board of directors in January 2016.
Smith earned his master’s degree in management from Aquinas College in Michigan and a bachelor’s degree in business administration from Marshall University in West Virginia.
He has also been awarded a number of honorary degrees among other honors.
Under Smith’s leadership, Intuit has transformed from a North American desktop software company to a global, cloud-based product and platform company. Intuit powers prosperity for 46 million customers around the world – improving the financial lives of consumers, self-employed, and small businesses.
During his tenure as CEO, Intuit has continued to grow and thrive, while consistently being recognized as one of the world’s best places to work. Intuit has placed on the Fortune Best Companies to Work For list each year, ranking #13 in the United States in 2017, as well as being ranked the #1 best place to work in India, Singapore, and Canada in 2017.
Smith has also championed issues facing consumers and small businesses.
He helped lead the coming together of government and the private sector to combat identity-theft tax fraud.
Smith has also served on the President’s Advisory Council on Financial Capability for Young Americans (2014-2015) and testified before Congress on increasing financial literacy.
Smith is ranked among the top CEOs in the United States by Fortune, coming in at #6 on their list of top CEOs.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Brad Smith’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 35.2018 ($).