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Intuit Gives CEO Nice Pay Boost

Brad SmithIntuit's directors apparently liked what they saw in the performance of CEO Brad Smith as they approved a nearly 19-percent raise in base salary, effective for the year ending April 30, 2011, and a 46 percent increase in bonus awarded for fiscal 2010. Although bonus and salary often have less value than stock and option awards as part of executive compensation, it was a good result for Smith, who completed his second complete fiscal year in April. And performance-based bonuses for all executives were generous.

Smith's base salary was increased to $950,000 for the current year, up from $800,000 for fiscal 2010. He was awarded a bonus of $1.43 million for the most recently complete year, up from $828,000 for fiscal 2009. Total compensation for executives 2010 will not be known until the release of the proxy for the company's annual meeting. That document is normally filed with the SEC in the fall.

One of the most intriguing things is that Smith received these increases after David Batchelder joined the board lin December. Batchelder's firm, Relational Investors, got a seat on the board after it bought up shares and threatented a proxy fight. Relational has a reputation for deposing CEOs at nonperforming companies, but the pay raise suggests there's no unhappiness with Intuit's leadership.

None of the other five named executives whose pay was approved received inceases in base salary and one of them, CFO Neil Williams, had his base cut to $625,000 from $600,000. However, William's bonus was increased to $600,000 from $390,000 for fiscal 2009.

And with the others, while the base pay didn't change, they also did well with bonsuses. Kiran Patel, EVP and GM of the small business group got a $985,000 bonus, up from $550,000 the prior year. Alexander Linter, who holds the same position with the Global Business Division, saw his bonus rise to $470,000 from $270,000. Sassan Goodarzi, head of the Financial Services Division, drew a bonus of $470,000, up from $290,000.

 

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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