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