Small business leaders promoted
Intuit (INTU) is making changes to its executive suite, betting on leaders of its small business group to take it forward. The small business group has been Intuit’s growth engine. Intuit has settled on Sasan Goodarzi as its new CEO. Goodarzi, currently the leader of Intuit’s small business group, will replace current CEO Brad Smith and transition into the new role beginning January 1, 2019. The outgoing CEO Smith will transition into the executive chair role.
The company has also turned to its small business division for a new technology chief. The current chief technology officer, Tayloe Stansbury, is scheduled to step down in January 2019 and will be replaced by Marianna Tessel. Tessel is currently the chief product development officer for Intuit’s small business group.
Small business revenue jumped 20%
Intuit is the maker of accounting software QuickBooks. The company’s revenue grew 17% YoY to $988 million in fiscal Q4 2018, which ended in July. Microsoft (MSFT) and SAP SE (SAP) said their overall revenues grew 17.5% and 3.8% YoY, respectively, in the quarter ended in June. Adobe Systems (ADBE) said its revenue increased 23.9% YoY in its fiscal Q2 2018 ended in May, and Autodesk (ADSK) said its revenue jumped 21.9% YoY in its fiscal Q2 2019, which ended in July. The growth at Intuit in the latest quarter was fueled by strength in the small business group where revenue jumped 20% YoY (year-over-year).
An $11.8 billion opportunity
The global market for accounting software is poised to expand to $11.8 billion by 2026, from $5.7 billion in 2017, according to Transparency Market Research.