Intuit CEO Bill Harris quits

Bill Harris isn't the CEO of Intuit Inc. anymore. Harris resigned as Intuit's chief executive, the company announced Thursday.

Bill Harris isn't the CEO of Intuit Inc. anymore.

Harris resigned as Intuit's chief executive, the company announced Thursday. Former CEO and current Chairman Bill Campbell was named acting CEO.

The move came without warning.

Now that Intuit (Nasdaq:INTU) has established itself in online financial services -- one-fifth of the company's revenues in the first half of this year came from the Internet -- Harris said his job is done.

"It's time for Intuit to move to the next level and it's time for someone else to lead the company," he said.

"I have enjoyed being a catalyst for change at Intuit. ... 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."

Harris still a board member
Harris remains on Intuit's board. The company is searching for a replacement, Campbell said.

Shares of Intuit fell 2 11/16 to 100 9/16 in Thursday's regular trading prior to the announcement. Shares of Intuit fell in aftermarket trading to 95 from a close of 100 9/16 Thursday.

The share price had been rising recently after the company reported strong fourth-quarter results and announced plans for a 3-for-1 stock split. Of a dozen Wall Street firms polled by Zack's Investment Research, eight rate Intuit the equivalent of a "moderate buy," three recommend it as a "strong buy," and one has a "hold" rating on the stock.

Newsletters

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
See All
See All