Accounting
Intuit CEO Brad Smith to Step Down – Goodarzi to Take Helm
Intuit is the company behind TurboTax, the dominant brand in the consumer income tax market, as well as QuickBooks, Quicken, Mint and professional tax and accounting software brands.
Aug. 23, 2018
After 10 years at the helm of one of the largest financial tech companies in the world, Intuit CEO Brad Smith has announced his plans to step down from the position on January 1, 2019. He will then become executive chairman of the company’s board of directors.
Intuit is the company behind TurboTax, the dominant brand in the consumer income tax market, as well as QuickBooks, Quicken, Mint and professional tax and accounting software brands.
Under Smith’s leadership, the company more than doubled its customer base to approximately 50 million customers, according to the company. Intuit posted a total shareholder return on the stock of over 600 percent from January 2008 to date, nearly three times the return on the Nasdaq over the same period.
Smith said he has planned this change for some time with a very thoughtful, multi-year succession plan.
Sasan Goodarzi, who currently leads Intuit’s Small Business and Self-Employed Group, has been named Intuit’s next CEO. He has led each of Intuit’s largest businesses and served as its chief information officer during his 13 years with the company.
The changes in leadership were announced in conjunction with the company’s earnings reporrt. Finishing a strong year of double-digit growth, the company posted fourth quarter revenue was up 17 percent and full year was up 15 percent. The quarter growth was led by 43 percent Online Ecosystem revenue growth. The company also set guidance for FY19 which started Aug. 1.