SAN FRANCISCO — Intuit Inc. said Wednesday Chief Executive Steve Bennett will step down at the end of the year, and the financial software maker reported a narrower loss and higher revenue than Wall Street expected during the typically unprofitable fourth quarter.
The management shake-up weighed on Intuit’s stock.
Shares of the maker of top-selling TurboTax and other tax-preparation software fell 44 cents, or 1.52 percent, to $28.50 in after-hours trading. The company’s stock had closed up 44 cents, or 1.54 percent, to $28.94 before the announcements.
Bennett, 53, who joined Mountain View-based Intuit in 2000 from General Electric Co., will remain on Intuit’s board of directors and serve as a consultant through July 2008. The company did not provide a reason for the resignation. Bennett said only that “it’s the right time for me to take some time off and explore the next challenge in my life.”
Bennett will be succeeded by Brad Smith, 43, who for the past two years has served as senior vice president and general manager of Intuit’s Small Business Division, which includes QuickBooks software.
Intuit said after the market closed that the company’s net loss for the three months ended July 31 was $13.6 million, or 4 cents per share. That compares with a loss of $18.9 million, or 6 cents per share, during the same period last year.
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