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Intuit Board Appoints Suzanne Nora Johnson as New Board Chair
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Intuit has announced that Suzanne Nora Johnson will take over as the new Chair of the Board following the Annual Meeting of Shareholders in January 2022. She succeeds Brad Smith, who will step down as Executive Chairman, a role he has held since January 2019. Johnson, an independent board member since 2007, has significant financial sector experience, including her role as Vice Chairman at Goldman Sachs. Smith will remain on the board as a non-executive director.
Positive
Suzanne Nora Johnson's extensive financial experience may bring fresh perspectives to Intuit's Board.
Strengthened leadership with Johnson's appointment could enhance strategic decisions.
Negative
Brad Smith's departure as Executive Chairman raises concerns about continuity in leadership.
Brad Smith to Step Down as Executive Chairman in January 2022
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--
Intuit (NASDAQ: INTU), the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, today announced that Suzanne Nora Johnson has been appointed by the Intuit Board of Directors to the role of Board Chair, effective in January 2022, following the Annual Meeting of Shareholders. Brad Smith, who served as CEO of Intuit from 2008 to 2018, Chairman from 2016 to 2018, and Executive Chairman since January 2019, will step down from that position immediately following the Annual Meeting. Smith intends to stand for re-election as a non-executive director of the company at the Annual Meeting.
“I am thrilled that Suzanne will be the next Chair of Intuit’s Board of Directors. She is a strong leader and has been an incredible thought partner over the years for me and the Board,” said Sasan Goodarzi, CEO of Intuit. “I look forward to working closely with her as we continue our mission to power prosperity for consumers and small businesses around the world. I also want to thank Brad for his incredible leadership as the Executive Chairman.”
Nora Johnson has served as an independent member of Intuit’s Board since 2007 and as Lead Independent Director since 2016. She currently chairs the Compensation and Organizational Development Committee of the Board. She brings extensive experience in Board-level oversight of strategy, financial reporting, regulatory and compliance matters and executive compensation. She also brings strong business leadership from her prior role as Vice Chairman of The Goldman Sachs Group in managing large, complex, global institutions. Intuit will continue to benefit from her expertise in managing change in the financial services industry, public policy and the macro-economic environment. Nora Johnson currently serves on the boards of Pfizer Inc. and Visa Inc.
“I am honored to be appointed Chair of the Intuit Board. I look forward to continuing to work with Sasan and the Board to continue delivering for all our stakeholders,” said Nora Johnson. “Brad Smith has been an outstanding Executive Chairman, and I look forward to his continued service as a member of the Board.”
All changes will be effective immediately following the Annual Meeting of Shareholders in January 2022 and the directors’ election by shareholders.
About Intuit
Intuit is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.
