Estimated reading time: 1 minute, 2 seconds
THINKING ABOUT INTUIT'S COURSE
The last issue noted that Intuit had agreed to nominate David Batchelder, a partner and co-founder of Relational Investors, to replace former CEO Stephen Bennett, who decided not to stand for election for a seat on Intuit’s board of directors. As a result, Intuit avoided a proxy fight with Relational withdrawing its three-person slate of nominees and agreeing to a stock standstill provision.
The more I read about Relational the more I think things could get very interesting the Intuit board room. After Batchelder joined the Home Depot board, Relational is given much credit for changes that led to the departure of the chain's CEO in 2007. Tack on some other businesses that Relational helped clean up--Sovereign Bancorp (where it was considered instrumental in the firing of the CEO) and Waste Management--and it's clear this firm is a force to be reckoned with. The key man is Relational's founder Ralph Whitworth, considered an expert on corporate governance. By the way, Batchelder took a seat on the Home Depot board early in 2007 with that company also avoiding a proxy fight. The book on the firm is that Relational looks for underperforming companies with good cash flow, and usually ones in which the board is dominated by the CEO.
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