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John Clendening, BlucoraBlucora, which owns the TaxAct software line, has named John Clendening as president and CEO effective April 4. Clendening is replacing William Ruckelshaus. The hiring of Clendening, who had executive roles at Charles Schwab Bank and Charles Schwab & Co. follows Blucora's acquisition of HD Vest on December 31.

Ruckelshaus, who is resigning effective March 31, had held executive positions at Blucora since 2010. He had announced his plans to retire on October 2014 but also to stay through a transformation of the company. Besides the purchase of HD Vest, that transformation included the decision to divest its web search and content business, which had tanked.

Clendening, 53, served as EVP and co-head of the Investor Services Division at Charles Schwab & Co. in San Francisco from 2012 through March 2015 and held other executive positions with the investment services firm after joining it in 2004, including being CEO of Charles Schwab Bank from 2007 through 2009.

He will receive an annual base salary of $500,000, a target bonus of up to that same amount, 500,000 restricted stock units and a non-qualified stock option to purchase 1,000,000 shares Blucora common stock with 15 percent of that vesting on the grant date. He also will get a maximum of $135,000 for relocation and other expenses and a maximum of $30,000 for attorneys' fees and expenses related to negotiating and preparing his employment agreement.

Last modified on Tuesday, 15 March 2016
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