Intuit Inc. (Nasdaq: INTU) today announced that Brad
Smith, current president, chief executive officer and chairman of
the board, will step down as CEO at the end of December 2018. Smith will
remain with Intuit and become Executive Chairman of Intuit’s Board of
Directors. The board has appointed Sasan
Goodarzi, currently executive vice president and general manager of
Intuit’s Small Business and Self-Employed Group, to succeed him
effective Jan. 1, 2019. Goodarzi will also be joining Intuit’s Board of
Directors at that time.
In addition, Chief Technology Officer Tayloe Stansbury will step down
Jan. 1, 2019. Marianna Tessel, senior vice president and chief product
development officer for Intuit’s Small Business and Self-Employed Group,
will succeed Stansbury as Intuit’s CTO.
“Brad Smith has been an outstanding leader for Intuit over the last 11
years,” said Suzanne Nora Johnson, lead independent director of Intuit’s
Board of Directors. “He has transformed Intuit from a North American
desktop software company into a global cloud-driven product and platform
company. Under his leadership, Intuit has accelerated growth in
customers, revenue and profit while establishing a durable foundation
for continued success long into the future.”
Under Smith, the company more than doubled its customer base to
approximately 50 million customers, doubled its revenue to nearly $6
billion and more than tripled GAAP earnings per share. Intuit also
returned nearly $13 billion through dividends and share repurchases to
shareholders, and 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. Intuit appeared on Fortune’s Best
Places to Work list during each of Smith’s 11 years as CEO.
“I’m extremely proud of what we’ve accomplished as a team,” Smith said.
“We’ve transformed the company, delivered years of consistent growth and
built a strong, enduring culture of innovation and self-disruption.
We’ve also continued our long history of leadership development and
built a deep bench of leaders who will make up the next generation of
Intuit management. That includes a CEO successor in Sasan Goodarzi who
is ready to take the reins of Intuit. With all this in place, the time
is right for me to step down as CEO and continue serving the company in
my role as Executive Chairman of the Intuit Board of Directors.”
Goodarzi to Take Reins Jan. 1, 2019
Goodarzi, 50, will continue in his current role leading Intuit’s Small
Business and Self-Employed Group until the end of the year as both he
and Smith work closely to successfully complete the transition.
“Brad has been a strong driver of our succession planning efforts at
Intuit,” said Johnson. “And through that process Sasan clearly emerged
as the right leader to be Intuit’s next CEO.”
“Having led each of our largest businesses and served as our chief
information officer during his 13 years with the company, Sasan is a
proven leader and growth driver,” said Intuit Chairman and CEO Brad
Smith. “He has been instrumental to the transformation of our company
and was a key architect of our One Intuit Ecosystem strategy. Sasan is
both ready and primed to lead Intuit into the future. I look forward to
working with him in his new role.”
Goodarzi credited Smith with helping prepare him and the company for
“I’m honored and humbled by the opportunity, and I’m thrilled to lead
Intuit into the next chapter in its history,” Goodarzi said. “Brad has
set a high standard for world-class leadership. And he’s role modeled
that during his time at Intuit. He’s consistently delivered outstanding
performance as CEO while transforming the company and building an
enduring foundation for long-term growth.”
Goodarzi was appointed to his Small Business and Self-Employed role in
May 2016. Previously, he was executive vice president and general
manager of Intuit’s Consumer Tax Group and, before that, served as
Intuit’s chief information officer, as the general manager of Intuit’s
ProTax organization and as the general manager of Intuit’s Financial
Before joining Intuit in 2004, Goodarzi served as the global president
of the products group for Invensys and held a variety of senior
management roles in the automation control division at Honeywell. He
also co-founded and served as the chief executive officer of technology
startup Lazer Cables Inc. Goodarzi earned his master’s degree in
business administration from the Kellogg School of Management at
Northwestern University and earned his bachelor’s degree in electrical
engineering at the University of Central Florida.
currently senior vice president and chief product and platform officer
for Intuit’s Small Business and Self-Employed Group, will succeed
Goodarzi as general manager of the business unit. Chriss is a successful
entrepreneur with a proven track record innovating both inside and
outside the company. Since joining Intuit in 2004, he’s helped expand
Intuit’s small business market opportunity around the world by launching
and leading Intuit’s self-employed business, Intuit’s
platform-as-a-service strategy and the QuickBooks App Store. Chriss has
also led Intuit’s QuickBooks Capital business.
Chief Technology Officer Tayloe Stansbury to Step Down in January
Intuit also announced that Chief Technology Officer Tayloe
Stansbury will step down from his role as CTO on Jan. 1, 2019.
During his 9-year run at the company, he spearheaded Intuit’s successful
transition from the desktop to the web and from the web to mobile and
most recently to the public cloud. Stansbury started the company on its
path toward an integrated ecosystem of products and led a giant leap
forward in Intuit’s artificial intelligence capability.
“Tayloe Stansbury has been a game-changer for Intuit. He has been
instrumental in our company’s technology transformation,” said Smith.
“He’s built a world-class technology organization and recruited and
developed a deep bench of technology leaders.”
currently senior vice president and chief product development officer
for Intuit’s Small Business and Self-Employed Group, will succeed
Stansbury as Intuit’s chief technology officer on Jan. 1, 2019. A former
engineer and a captain in the Israeli Army, Tessel has proven leadership
experience at both large companies as well as startups.
She held senior engineering leadership roles at General Magic, Ariba,
VMware and Docker. While at VMware and Docker she had a chance to be at
the forefront of significant technology transformations, including
virtualization, cloud, containerization and DevOps.
“Marianna Tessel is a standout technologist and an exceptional business
leader. I could not be more confident in her stewardship of this
important capability and function for the company,” said Smith.
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