Financial management software company Intuit has chosen a new chief financial officer.
The company announced Wednesday (Aug. 23) that Michelle Clatterbuck, current senior vice president of finance for Intuit's consumer tax group, and current acting finance leader for Intuit's small business group, will assume the role of Intuit CFO starting Feb. 1, 2018.
She succeeds Neil Williams, who has held the position since January 2008. Williams will step down from the post in January of next year, news reports said.
“Neil has decided to step away and embark on a new chapter, freeing him up from full-time employment to pursue other personal goals,” said Intuit chairman and chief executive officer Brad Smith in a statement. “We are fortunate to have benefitted from Neil's leadership for more than a decade. Intuit's financial foundation has never been stronger, our stock price is near an all-time high, our top-line growth is double digits and our investments-grade rating is stronger than ever.
“Neil has also built a deep bench of strong financial leaders that makes a seamless transition possible,” he continued. “Michelle is a talented professional whose experience and leadership make her a natural and excellent successor to Neil. Michelle has constantly delivered outstanding performance across multiple strategic leadership roles and business units over the past 14 years.”
According to Intuit, Clatterbuck became vice president of finance for Intuit's professional tax operations in 2006 and has since risen through the ranks.
“Given her proven track record in leading finance in our core business, combined with her strong operational capabilities, I'm confident in her ability to continue to advance our trajectory as a financially sound growth company,” Smith added. “I'm excited to see Michelle lead opportunities to accelerate our performance in the years ahead.”
Intuit released a strong Q3 earnings report in May, pointing to growth in its small business segment as a key driver of performance. After releasing the data, Intuit saw its largest share bump in after-hours trading since it went public nearly 25 years ago. At the time of the earnings report release, the company said subscribers of its QuickBooks Online unit increased by 59 percent in Q3, while revenue increased by 16 percent. Its small business online revenue also jumped by 30 percent, Intuit said.