Intuit Inc. (NASDAQ: INTU) announced today that its board of directors has named current Chairman and former Chief Executive Officer Bill Campbell as its acting chief executive. Campbell will assume day-to-day operations of the company pending selection of a new CEO to replace Bill Harris, who has resigned. Harris will remain on the board of directors, and will work with Campbell and the board to search for a new CEO.
"Bill Harris has been the chief architect of Intuit's Internet strategy, transforming the company from a leader in desktop software to a leader in electronic finance," said Campbell. "As a result, Intuit's business has never been stronger - with revenues up 43% and profits doubling in our most recent fiscal year. Our business is strong, our strategy is in place and our management team is executing well.
"Bill Harris is a close friend and a brilliant strategist," said Campbell. "His leadership will be missed."
"I took on the role of Intuit's CEO to help lead Intuit's transition from PC software to Internet services," said Harris. "The framework for this shift is now in place and the company is delivering on it - 20% of our last six month's revenues came from the Internet. It's time for Intuit to move to the next level and it's time for someone else to lead the company.
"I have enjoyed being a catalyst for change at Intuit," said Harris, "and I will continue to contribute as a member of the board. But the board and I agree that this is the right time for me to step back from day-to-day management of this billion dollar company so I can focus on my entrepreneurial interests."
Said Campbell, who will lead the search for a new CEO, "The board will move quickly to find the right person to lead Intuit in this next phase of growth. We are continuing to move decisively to execute our current strategy."
