Intuit Board Shakeup: New Chair, CEO Compensation Details
Ticker: INTU · Form: 8-K · Filed: Jul 25, 2024 · CIK: 896878
Sentiment: neutral
Topics: executive-compensation, board-of-directors, leadership-change
Related Tickers: INTU
TL;DR
Intuit names new board chair, Brad Smith, and details CEO Sasan Goodarzi's new compensation package.
AI Summary
Intuit Inc. announced on July 24, 2024, changes to its board of directors and executive compensation. Specifically, the company elected Brad D. Smith as a Class II director and appointed him as Chair of the Board, effective immediately. Additionally, the Compensation Committee of the Board approved a new employment agreement for Sasan Goodarzi, the CEO, which includes a base salary of $1,000,000 and a target annual bonus of 150% of his base salary.
Why It Matters
Changes in board leadership and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine board and compensation updates, with no immediate financial distress or significant operational changes indicated.
Key Numbers
- $1,000,000 — CEO Base Salary (New annual base salary for Sasan Goodarzi)
- 150% — CEO Target Bonus (Target annual bonus percentage for Sasan Goodarzi)
Key Players & Entities
- Intuit Inc. (company) — Registrant
- Brad D. Smith (person) — Elected Class II director and appointed Chair of the Board
- Sasan Goodarzi (person) — CEO of Intuit
- $1,000,000 (dollar_amount) — CEO's new base salary
- 150% (dollar_amount) — CEO's target annual bonus percentage
- July 24, 2024 (date) — Date of Report
FAQ
Who has been appointed as the new Chair of the Board at Intuit Inc.?
Brad D. Smith has been elected as a Class II director and appointed as Chair of the Board, effective immediately.
What is the new base salary for Intuit CEO Sasan Goodarzi?
Sasan Goodarzi's new employment agreement includes a base salary of $1,000,000.
What is the target annual bonus for Sasan Goodarzi?
The target annual bonus for Sasan Goodarzi is 150% of his base salary.
When did these changes become effective?
The election of Brad D. Smith as Chair of the Board was effective immediately as of July 24, 2024.
What other items are reported in this 8-K filing?
This 8-K filing also reports on the election of directors and compensatory arrangements of certain officers.
Filing Stats: 615 words · 2 min read · ~2 pages · Grade level 11 · Accepted 2024-07-25 11:08:46
Key Financial Figures
- $0.01 — ange on Which Registered Common Stock, $0.01 par value INTU Nasdaq Global Select Mar
- $108,333 — grant date fair value of approximately $108,333 on July 25, 2024. The compensation of t
Filing Documents
- intu-20240724.htm (8-K) — 29KB
- ex9901-boardappointmentpre.htm (EX-99.01) — 9KB
- 0000896878-24-000032.txt ( ) — 161KB
- intu-20240724.xsd (EX-101.SCH) — 2KB
- intu-20240724_lab.xml (EX-101.LAB) — 21KB
- intu-20240724_pre.xml (EX-101.PRE) — 12KB
- intu-20240724_htm.xml (XML) — 3KB
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits 99.01 Press release issued on July 25, 2024, announcing the appointment of Forrest Norrod to the Board of Directors of Intuit Inc. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 25, 2024 INTUIT INC. By: /s/ Kerry J. McLean Kerry J. McLean Executive Vice President, General Counsel and Corporate Secretary