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SMITH: RELATIONAL SHARES OUR VALUES
During yesterday's conference call about first quarter earnings, Intuit CEO Brad Smith said that new Intuit investor Relational Investors, doesn't have any demands on Intuit. That came in response to an anlayst who asked if Relational principal David Batchelder, who is going on the Intuit board in December, came in with any demands.
Relational is known for forcing changes in corporate governance and claiming the scalps of a couple of CEOs. Smith said Relational got the seat because it expressed an interest in being on the board and that it is a big believer in Intuit. By my way of thinking, Relational's approach is a little different than one I would make if I were being completely friendly. It proposed a slate of three directors and withdrew them on October 12 after Intuit agreed to support Batchelder for the seat vacated by former CEO Stephen Bennett, who decided to resign his seat about the same time. Smith said Batchelder will be "another strong voice" on the board.
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