- Push-out Score suggests push-out forces
- After about ten years on the job
- Accolades and praise for Williams
- Michelle Clatterbuck taking over
(exechange) — Mountain View, California, August 22, 2017 — Neil Williams, finance chief of Intuit, leaves. 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 Tuesday, August 22, 2017, Neil Williams leaves the post as Chief Financial Officer at the business and financial software company after about ten years on the job, effective January 31, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 18 percent of the CFOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 5.6 years, according to data compiled by exechange.
Williams’ move comes 20 months after Brad Smith took over as chairman of Intuit Inc.
Williams’ duties are taken over by Michelle Clatterbuck, currently Senior Vice President of Finance for the Consumer Tax Group and acting finance leader for the Small Business Group at Intuit Inc.
“To pursue other personal goals”
The management change is explained as follows. Brad Smith, Intuit’s chairman and chief executive officer, said: “Neil has decided to step away and embark on a new chapter, freeing him up from full-time employment to pursue other personal goals.”
The phrase “to pursue other personal goals” opens the door to speculation.”
Precise information about the future plans of Williams was not immediately available.
Intuit said: “On August 22, 2017, Intuit Inc. announced that its Executive Vice President and Chief Financial Officer, R. Neil Williams, provided notice on August 17, 2017 that he will be stepping down from his position with the Company, effective January 31, 2018.”
Share price rise since November 2008
The change follows a rise in the share price of Intuit Inc. since November 2008.
Chaired by Brad Smith
Intuit Inc. is chaired by Brad Smith.
Brad Smith is chairman and chief executive officer of Intuit. He 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.
On the job as CFO since 2008
Neil Williams has been the Chief Financial Officer of Intuit Inc. since January 2008.
Neil Williams, Intuit’s executive vice president and chief financial officer, joined the company in January 2008, bringing strategic, operational and transactional experience gained in nearly 30 years in the financial services industry.
He is responsible for all financial aspects of the company, including corporate strategy and business development, investor relations, financial operations and real estate.
Before joining Intuit, Williams was the executive vice president and chief financial officer for Visa U.S.A., Inc. In that role, he led all financial functions for the company and its subsidiaries, including financial planning, business planning and financial monitoring.
Williams concurrently served as chief financial officer for Inovant LLC, Visa’s global information technology organization, responsible for global transactions processing and technology development.
His previous banking experience includes senior financial positions at commercial banks in the Southern and Midwest regions of the United States.
Williams is a member of the board of directors of RingCentral, a provider of cloud business communications solutions, and Amyrys, Inc., an integrated renewable products company.
A certified public accountant, Williams received his bachelor’s degree in business administration from the University of Southern Mississippi.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Neil Williams’ move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 35.2017 ($).